Knowledge Check

Davis plans to save money to take a two$-$week cruise on December $31,2028.$ On January $1,2025,$ Davis plans to invest money in an investment fund paying $7\%$ interest to accumulate $$11,800.$ How much should Davis deposit today to achieve the desired $$11,800?($For calculation purposes, use five decimal places as displayed in the factor table provided. Round your answer to two decimal places $($e$.$g$.,52\mathrm{.}75).)$

Table $3$: Present Value of $1$

$\backslash$table$[[($n$)$ Periods,$6\%,7\%,8\%,9\%,10\%,11\%$