Given,
The ampunt needs for down payment is $3000.
The rate of interest is 7.4%.
The time period is 3 years.
Required
The amount need to be deposite.
Consider,
The amount deposite in the account is x.
The amount for compounded daily is calculated as,
[tex]\begin{gathered} A=Pe^{rt} \\ 3000=xe^{0.074\times3} \\ 3000=xe^{0.222} \\ x=\frac{3000}{e^{^{0.222}}} \\ x=2402.75 \\ x=2403 \end{gathered}[/tex]Hence, the amount to be deposite is $2403.
