You need $$15,000$ in $3$ years for a new car. If you can deposit money into an account that pays an APR of $5\mathrm{.}5\%$ based on daily compounding, how much would you need to deposit? Can you please show how to do it step$-$by$-$step instead of using a financial calculator? I attempted to solve this problem using the Present Value Annuity Ordinary equation, but I keep getting it wrong. The answer is $$12,718\mathrm{.}56$