How much money must be put into a bank account yielding 6.50% (compounded monthly) in order to have $1,550 at the end of seven years? Round to two decimal places.

(i) Develop the timeline (linear representation of the timing of cash flows)

(ii) Identify the time value of money variable (PV, FV, PMT, N or Rate) which needs to be calculated in the question.

(iii) Identify the values of the remaining four variables (PV, FV, PMT, N or Rate) from the question. Be sure to input positive or negative signs.

(iv) Calculate the correct value of the variable identified in step (ii).