To determine how much should be invested now to have $42,000 in 11 years at an interest rate of 4.65% compounded annually, we use the formula for compound interest:

$A = P \left(1 + \frac{r}{n}\right)^{nt}$

Where:

• $A$ is the amount of money you want in the future ($42,000).
• $P$ is the initial investment (the amount we need to find).
• $r$ is the annual interest rate (4.65% or 0.0465).
• $n$ is the number of times the interest is compounded per year (since it's compounded annually, $n = 1$).
• $t$ is the time in years (11 years).

We need to solve for $P$:

$P = \frac{A}{\left(1 + \frac{r}{n}\right)^{nt}}$

Substituting the given values:

[ P = \frac{42,000}{\left(1 + \frac{0.0465}{1}\right)^{1 \times