We can use the formula for compound interest to solve this problem:
A = P(1 + r/n)^(nt)
where A is the future value, P is the present value, r is the annual interest rate, n is the number of times the interest is compounded per year, and t is the number of years.
In this case, we want to find the present value P that will accumulate to $22,000 in four years at an annual interest rate of 10.5% compounded monthly (i.e., n = 12). Therefore, we have:
A = $22,000
r = 0.105/12 (monthly interest rate)
n = 12
t = 4
Substituting these values into the formula and solving for P, we get:
P = A/(1 + r/n)^(nt) = $22,000/(1 + 0.105/12)^(12*4) ≈ $14,005.70
Therefore, the amount that should be deposited today in the account is approximately $14,005.70.