1. **State the problem:** Joseph wants to deposit an amount of money in an investment fund with an annual interest rate of 3.00% compounded annually. The goal is to provide his daughter with $15,000 at the end of each year for 4 years. 2. **Identify the formula:** This is a problem of finding the present value of an ordinary annuity. The formula for the present value $P$ of an annuity paying $A$ per period for $n$ periods at interest rate $r$ per period is: $$P = A \times \frac{1 - (1 + r)^{-n}}{r}$$ 3. **Plug in the values:** Here, $A = 15000$, $r = 0.03$, and $n = 4$. 4. **Calculate the present value:** $$P = 15000 \times \frac{1 - (1 + 0.03)^{-4}}{0.03}$$ Calculate $(1 + 0.03)^{-4}$: $$1.03^{-4} = \frac{1}{1.03^4} = \frac{1}{1.1255} \approx 0.8885$$ So, $$P = 15000 \times \frac{1 - 0.8885}{0.03} = 15000 \times \frac{0.1115}{0.03}$$ 5. **Simplify the fraction:** $$\frac{0.1115}{0.03} = 3.7167$$ 6. **Calculate the final amount:** $$P = 15000 \times 3.7167 = 55750.5$$ 7. **Round to the nearest cent:** $$P \approx 55750.50$$ **Answer:** Joseph needs to deposit approximately $55750.50 to provide his daughter with $15,000 at the end of each year for 4 years.