Answer
$2070
Work Step by Step
Compute the principal amount by substituting the values in the formula as mentioned below:
\[\begin{align}
& P=\frac{A}{{{\left( 1+\frac{r}{n} \right)}^{nt}}} \\
& =\frac{\$3,000}{{{\left(1+\frac{0.095}{2}\right)}^{2\times4}}}\\&=\frac{\$3,000}{{{\left(1+0.0475\right)}^{8}}}\\&=\$2,070\end{align}\]
Hence, the amount deposited for the retirement is\[\$2,070\]
