Dewey Sykes plans to open a business in four years when he retires. How much must he invest today to have $ 9,000 when he retires if the bank pays 6% annually, compounded quarterly?

Periods 0.5% 1% 1.5% 2% 2.5% 3% 1 0.99502 0.99010 0.98522 0.98039 0.97561 0.97087 2 0.99007 0.98030 0.97066 0.96117 0.95181 0.94260 3 0.98515 0.97059 0.95632 0.94232 0.92860 0.91514 4 0.98025 0.96098 0.94218 0.92385 0.90595 0.88849 5 0.97537 0.95147 0.92826 0.90573 0.88385 0.86261 6 0.97052 0.94205 0.91454 0.88797 0.86230 0.83748 7 0.96569 0.93272 0.90103 0.87056 0.84127 0.81309 8 0.96089 0.92348 0.88771 0.85349 0.82075 0.78941 9 0.95610 0.91434 0.87459 0.83676 0.80073 0.76642 10 0.95135 0.90529 0.86167 0.82035 0.78120 0.74409 11 0.94661 0.89632 0.84893 0.80426 0.76214 0.72242 12 0.94191 0.88745 0.83639 0.78849 0.74356 0.70138 13 0.93722 0.87866 0.82403 0.77303 0.72542 0.68095 14 0.93256 0.86996 0.81185 0.75788 0.70773 0.66112 15 0.92792 0.86135 0.79985 0.74301 0.69047 0.64186 16 0.92330 0.85282 0.78803 0.72845 0.67362 0.62317 17 0.91871 0.84438 0.77639 0.71416 0.65720 0.60502 18 0.91414 0.83602 0.76491 0.70016 0.64117 0.58739 19 0.90959 0.82774 0.75361 0.68643 0.62553 0.57029 20 0.90506 0.81954 0.74247 0.67297 0.61027 0.55368

4% 5% 6% 8% 10% 12% 0.96154 0.95238 0.94340 0.92593 0.90909 0.89286 0.92456 0.90703 0.89000 0.85734 0.82645 0.79719 0.88900 0.86384 0.83962 0.79383 0.75131 0.71178 0.85480 0.82270 0.79209 0.73503 0.68301 0.63552 0.82193 0.78353 0.74726 0.68058 0.62092 0.56743 0.79031 0.74622 0.70496 0.63017 0.56447 0.50663 0.75992 0.71068 0.66506 0.58349 0.51316 0.45235 0.73069 0.67684 0.62741 0.54027 0.46651 0.40388 0.70259 0.64461 0.59190 0.50025 0.42410 0.36061 0.67556 0.61391 0.55839 0.46319 0.38554 0.32197 0.64958 0.58468 0.52679 0.42888 0.35049 0.28748 0.62460 0.55684 0.49697 0.39711 0.31863 0.25668 0.60057 0.53032 0.46884 0.36770 0.28966 0.22917 0.57748 0.50507 0.44230 0.34046 0.26333 0.20462 0.55526 0.48102 0.41727 0.31524 0.23939 0.18270 0.53391 0.45811 0.39365 0.29189 0.21763 0.16312 0.51337 0.43630 0.37136 0.27027 0.19784 0.14564 0.49363 0.41552 0.35034 0.25025 0.17986 0.13004 0.47464 0.39573 0.33051 0.23171 0.16351 0.11611 0.45639 0.37689 0.31180 0.21455 0.14864 0.10367