Melanie needs to make some house repairs in five years that will cost $9,000. She has some money in an account earning 7% annual interest. How much money needs to be in the account today so she will have enough to pay for the repairs?

a. $7,347

b. $5,978

c. $6,866

d. $5,880

e. $6,417

What are the steps to get to this answer?