Find the present value of the given future amount. \( \$ 5800 \) at \( 2 \% \) compounded quarterly for 8 years The present value is \( \$ \square \). (Do not round until the final answer. Then round to the nearest cent as needed.

To find the present value (PV) of a future amount, use the formula for compound interest:   PV = FV / (1 + r/n)^(n*t) Where:   FV = Future value = $5800   r = Annual interest rate (in decimal) = 0.02   n = Number of compounding periods per year = 4 (quarterly)   t = Number of years = 8 First, calculate the periodic interest rate:   r/n = 0.02 / 4 = 0.005 Next, calculate the total number of compounding periods:   n * t = 4 * 8 = 32 Then, compute the accumulation factor:   (1 + 0.005)^32 The present value is:   PV = 5800 / (1.005)^32 Using a calculator (without rounding intermediate steps):   (1.005)^32 ≈ 1.17293 Now, divide:   PV ≈ 5800 / 1.17293 ≈ 4947.95 Thus, the present value, rounded to the nearest cent, is $4,947.95.