(Solved): Jim Ryan, an owner of a Burger King restaurant, assumes that his restaurant will need a new roof in ...

Jim Ryan, an owner of a Burger King restaurant, assumes that his restaurant will need a new roof in 7 years. He estimates the roof will cost him \( \$ 9,000 \) at that time. What amount should Jim invest today at \( 6 \% \) compounded quarterly to be able to pay for the roof? (Do not round intermediate calculations. Round your answer to the nearest cent.)