Find the present value for the amount given in the table. $\begin{array}{cccc}\text { Amount } & \text { Nominal Rate } & \text { Frequency of Conversion } & \text { Time } \\ \$ 4309.21 & 8.4 \% & \text { annually } & 5 \text { years }\end{array}$ The present value is $\$ \square$. (Round to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Step 1 ：Given the future value (FV) is $4309.21, the nominal interest rate (r) is 8.4% or 0.084, the frequency of conversion (n) is 1 (since it's annually), and the time (t) is 5 years.

Step 2 ：The present value of an amount can be calculated using the formula: \(PV = \frac{FV}{(1 + \frac{r}{n})^{nt}}\)

Step 3 ：Substitute the given values into the formula: \(PV = \frac{4309.21}{(1 + \frac{0.084}{1})^{1*5}}\)

Step 4 ：Solving the equation gives the present value as $2879.063528525617

Step 5 ：Rounding to the nearest cent gives the final present value.

Step 6 ：Final Answer: The present value is \(\boxed{\$2879.06}\)