Answer: $17505 must be deposited today.
Explanation:
We would apply the formula for determining compound interest which is expressed as
A = P(1+r/n)^nt
Where
A = total amount in the account at the end of t years
r represents the interest rate.
n represents the periodic interval at which it was compounded.
P represents the principal or initial amount deposited.
From the information given,
A = 30000
r = 8% = 8/100 = 0.08
n = 1 because it was compounded once in a year.
t = year
Therefore,.
30000 = P(1 + 0.08/1)^1 × 7
30000 = P(1.08)^7
30000 = 1.7138P
P = 30000/1.7138
P = $17505