Answer:
$20,210.98
Explanation:
To calculate the amount Karen should deposit today, we can use the formula for compound interest:
A = P (1 + r/n)^(nt)
where A is the amount of money in the account after t years, P is the principal amount, 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 value of P that will give us A = $26,689 in t = 6 years, with an annual interest rate of r = 0.024 (2.4% as a decimal) and monthly compounding, which means n = 12.
So we can plug in these values into the formula and solve for P:
P = A / (1 + r/n)^(nt)
P = 26689 / (1 + 0.024/12)^(12*6)
P = $20,210.98
So, the answer is $20,210.98