Present Value. Juan would like to give his newly born grandson a gift of $$8,500$ on his eighteenth birthday. Juan can earn $8\%$ 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 $$8,500$ on his eighteenth birthday, Juan needs to deposit $$.($Round to the nearest cent.$)($Use your financial calculator or you may use the Financial Tables in Appendix $C$ in computing your answer, and round to the nearest cent.$)$