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 $10,000. How much should Davis deposit today to achieve the desired $10,000? (For calculation purposes, use five decimal places as displayed in the factor table provided. Round your answer to two decimal places (e.g., 52.75).) Table 3: Present Value of 1 (n) Periods 6% 7% 8% 9% 10% 11% 1 .94340 .93458 .92593 .91743 .90909 .90090 2 .89000 .87344 .85734 .84168 .82645 .81162 3 .83962 .81630 .79383 .77218 .75132 .73119 4 .79209 .76290 .73503 .70843 .68301 .65873 5 .74726 .71299 .68058 .64993 .62092 .59345