Margarite wants to take a trip to Japan in 8 years.She knows she will need about $4,200.How much should she deposit into an account now that pays 3.5% interest,compounded daily,to meet her goal? Round to the nearest dollar.

A) $1,026
B) $1,706
C) $3,174
D) $3,781

To find out how much Margarite should deposit now to reach her goal of $4,200 in 8 years with an interest rate of 3.5% compounded daily, we use the formula for compound interest: $A=P(1+\frac{r}{n}{)}^{nt}$ , where $A$ is the amount of money accumulated after n years, including interest, $P$ is the principal amount (the initial amount of money), $r$ is the annual interest rate (decimal), $n$ is the number of times that interest is compounded per year, and $t$ is the time the money is invested for in years. Rearranging the formula to solve for $P$ , we get $P=\frac{A}{(1+\frac{r}{n}{)}^{nt}}$ . Plugging in the values: $A=4200$ , $r=0.035$ , $n=365$ (since the interest is compounded daily), and $t=8$ , we calculate the initial deposit required. This calculation gives us the amount closest to $3,174 when rounded to the nearest dollar.