Step 1 :We are given that the future value (FV) is $18,600, the annual interest rate (r) is 4.3% or 0.043, the interest is compounded weekly so n is 52, and the time (t) is 7 years.
Step 2 :We can use the formula for the present value (PV) which is \(PV = \frac{FV}{(1 + \frac{r}{n})^{nt}}\)
Step 3 :Substituting the given values into the formula, we get \(PV = \frac{18600}{(1 + \frac{0.043}{52})^{52*7}}\)
Step 4 :Calculating the above expression, we get PV = 13767.158872039194
Step 5 :Rounding to the nearest dollar, we get PV = 13767
Step 6 :Final Answer: The amount that should be placed in the account now is \(\boxed{13767}\) dollars.