How much must be deposited today into the following account in order to have $60,000 in 8 years for a down payment on a house? Assume no additional deposits are made. An account with annual compounding and an APR of 7% should be deposited today. (Do not round until the final answer. Then round to the nearest cent as needed.)

How much must be deposited today into the following account in order to have $60,000 in 8 years for a down payment on a house? Assume no additional deposits are made. An account with annual compounding and an APR of 7% 4 should be deposited today. (Do not round until the final answer. Then round to the nearest cent as needed)