Problem $1-8$ Calculating the Time Value of Money for Savings Goals $[$LO$1-4]$

If you desire to have $$25,000$ for a down payment for a house in six years, what amount would you need to deposit today? Assume

that your money will earn $1$ percent. Use the appropriate factor$($s$)$ from the tables provided $($Exhibit $1-$A$,$ Exhibit $1-$B$,$ Exhibit $1-$C$,$ Exhibit $1-$

D$)$

Note: Use appropriate factor$($s$)$ from the tables provided. Round time value factor to $3$ decimal places and final answer to the

nearest whole number.

Amount to be deposited