Answer :
With interest rate 5% compounded annually, Keisha should deposit $22,386.46 in order to reach the goal to have $30,000 within 6 years.
The formula for the future value is:
FV = P (1 + r)ⁿ
Where:
P = present value
r = interest rate per period
n = number of periods
Parameters given in the problem:
FV = $30,000
n = 6
r = 5% = 0.05
Hence,
30,000 = P (1 + 0.05)⁶
P = 30,000 / 1.05⁶ = 22,386.46
Therefore, Keisha needs to deposit $22,386.46
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