Answer:
$285,413.23
Step-by-step explanation:
We know the annuity formula is given by,
,
where P = regular payment, PV = present value, r = rate of interest and n = time period.
According to the question, we need to find the money to be deposited at the start of the year i.e. PV
So, re-arranging the formula and substituting the values gives us,
![PV=\frac{25312 \times [1-(1+0.062)^{-20}]}{0.062}](https://tex.z-dn.net/?f=PV%3D%5Cfrac%7B25312%20%5Ctimes%20%5B1-%281%2B0.062%29%5E%7B-20%7D%5D%7D%7B0.062%7D)
i.e. ![PV=\frac{25312 \times [1-(1.062)^{-20}]}{0.062}](https://tex.z-dn.net/?f=PV%3D%5Cfrac%7B25312%20%5Ctimes%20%5B1-%281.062%29%5E%7B-20%7D%5D%7D%7B0.062%7D)
i.e. ![PV=\frac{25312 \times [1-0.3003]}{0.062}](https://tex.z-dn.net/?f=PV%3D%5Cfrac%7B25312%20%5Ctimes%20%5B1-0.3003%5D%7D%7B0.062%7D)
i.e. 
i.e. 
i.e. 
Hence, the amount to be deposited at the start of the year is $285,413.23.