\( 1< \) Use the present value formula to determine the amount to be invested now, or the present value needed. The desired accumulated amount is \( \$ 100,000 \) after 6 years investe 1 in an account with \( 6 \% \) interest compgunded quarterly. The amount to be invested now, or the present value needed, is \( \$ \square \). (Round to the nearest cent as needed.)

1. Write down the present value formula: \[ PV=\frac{FV}{(1+i)^n} \] 2. Identify the given quantities: - Desired future amount: \( FV=\$100,\!000 \) - Annual interest rate: \( 6\% \) - Compounding quarterly means: - Interest rate per quarter: \[ i=\frac{0.06}{4}=0.015 \] - Total number of periods in 6 years: \[ n=6\times4=24 \] 3. Substitute the values into the formula: \[ PV=\frac{100,\!000}{(1.015)^{24}} \] 4. Compute \((1.015)^{24}\). Using a calculator: \[ (1.015)^{24}\approx1.429 \] 5. Calculate the present value: \[ PV\approx\frac{100,\!000}{1.429}\approx69,\!998.60 \] Thus, the amount to be invested now, rounded to the nearest cent, is approximately \(\$69,\!998.60\).