If you desire to have $20,000 for a down payment for a house in six years, what amount would you need to deposit today? Assume that your money will earn 4 percent. Use Exhibit 1-C. (Round time value factor to 3 decimal places and final answer to the nearest whole dollar.) Exhibit 1 -C Present value of $1 to be received at the end of a given number of time periods \begin{tabular}{|ccccccccccccc|} \hline Period & 1% & 2% & 3% & 4% & 5% & 6% & 7% & 8% & 9% & 10% & 11% & 12% \\ \hline 1 & 0.990 & 0.980 & 0.971 & 0.962 & 0.952 & 0.943 & 0.935 & 0.926 & 0.917 & 0.909 & 0.901 & 0.893 \\ 2 & 0.980 & 0.961 & 0.943 & 0.925 & 0.907 & 0.890 & 0.873 & 0.857 & 0.842 & 0.826 & 0.812 & 0.797 \\ 3 & 0.971 & 0.942 & 0.915 & 0.889 & 0.864 & 0.840 & 0.816 & 0.794 & 0.772 & 0.751 & 0.731 & 0.712 \\ 4 & 0.961 & 0.924 & 0.888 & 0.855 & 0.823 & 0.792 & 0.763 & 0.735 & 0.708 & 0.683 & 0.659 & 0.636 \\ 5 & 0.951 & 0.906 & 0.863 & 0.822 & 0.784 & 0.747 & 0.713 & 0.681 & 0.650 & 0.621 & 0.593 & 0.567 \\ 6 & 0.942 & 0.888 & 0.837 & 0.790 & 0.746 & 0.705 & 0.666 & 0.630 & 0.596 & 0.564 & 0.535 & 0.507 \\ 7 & 0.933 & 0.871 & 0.813 & 0.760 & 0.711 & 0.665 & 0.623 & 0.583 & 0.547 & 0.513 & 0.482 & 0.452 \\ 8 & 0.923 & 0.853 & 0.789 & 0.731 & 0.677 & 0.627 & 0.582 & 0.540 & 0.502 & 0.467 & 0.434 & 0.404 \\ 9 & 0.914 & 0.837 & 0.766 & 0.703 & 0.645 & 0.592 & 0.544 & 0.500 & 0.460 & 0.424 & 0.391 & 0.361 \\ 10 & 0.905 & 0.820 & 0.744 & 0.676 & 0.614 & 0.558 & 0.508 & 0.463 & 0.422 & 0.386 & 0.352 & 0.322 \\ 11 & 0.896 & 0.804 & 0.722 & 0.650 & 0.585 & 0.527 & 0.475 & 0.429 & 0.388 & 0.350 & 0.317 & 0.287 \\ 12 & 0.887 & 0.788 & 0.701 & 0.625 & 0.557 & 0.497 & 0.444 & 0.397 & 0.356 & 0.319 & 0.286 & 0.257 \\ 13 & 0.879 & 0.773 & 0.681 & 0.601 & 0.530 & 0.469 & 0.415 & 0.368 & 0.326 & 0.290 & 0.258 & 0.229 \\ 14 & 0.870 & 0.758 & 0.661 & 0.577 & 0.505 & 0.442 & 0.388 & 0.340 & 0.299 & 0.263 & 0.232 & 0.205 \\ 15 & 0.861 & 0.743 & 0.642 & 0.555 & 0.481 & 0.417 & 0.362 & 0.315 & 0.275 & 0.239 & 0.209 & 0.183 \\ 16 & 0.853 & 0.728 & 0.623 & 0.534 & 0.458 & 0.394 & 0.339 & 0.292 & 0.252 & 0.218 & 0.188 & 0.163 \\ 17 & 0.844 & 0.714 & 0.605 & 0.513 & 0.436 & 0.371 & 0.317 & 0.270 & 0.231 & 0.198 & 0.170 & 0.146 \\ 18 & 0.836 & 0.700 & 0.587 & 0.494 & 0.416 & 0.350 & 0.296 & 0.250 & 0.212 & 0.180 & 0.153 & 0.130 \\ 19 & 0.828 & 0.686 & 0.570 & 0.475 & 0.396 & 0.331 & 0.277 & 0.232 & 0.194 & 0.164 & 0.138 \end{tabular} Pete Morton is planning to go to graduate school in a program of study that will take three years. Pete wants to have $9,000 available each year for various school and living expenses. If he earns 4 percent on his money, how much must be deposited at the start of his studies to be able to withdraw $9,000 a year for three years? Use Exhibit 1-D. (Round time value factor to 3 decimal places and final answer to the nearest whole dollar.) Exhibit 1 - D Present value of $1 received at the end of each period for a given number of time periods (an annuity)