Present Value. Juan would like to give his newly born grandson a gift of $6,100 on his eighteenth birthday. Juan can eam 5% annual interest on a certificate of deposit. How much must he deposit now in order to achieve his goal? In order to given his grandson $6,100 on his eighteenth birthday, Juan needs to deposit $ (Round to the nearest cent.) (Use your financial calculator or you may use the Financial Tables in Appendix C in computing your answer, and round to the nearest cent.)