Question 4 of 20 This quiz: 60 point(s) possible This question: 2 point(s) possible Submit quiz $K$ A bank offers a CD that pays a simple interest rate of $2.5 \%$. How much must you put in this CD now in order to have $\$ 3000$ for a graduation trip in 5 years? You must put $\$ \square$ in this $C D$ now in order to have $\$ 3000$ for a graduation trip in 5 years. (Round up to the nearest cent.) Next

Step 1 ：Use the formula for simple interest: \( A = P(1 + rt) \)

Step 2 ：Rearrange the formula to solve for \( P \): \( P = \frac{A}{1 + rt} \)

Step 3 ：Substitute the given values: \( A = 3000 \), \( r = 0.025 \), \( t = 5 \)

Step 4 ：Calculate the initial investment: \( P = \frac{3000}{1 + (0.025)(5)} \)

Step 5 ：Calculate the result: \( P = \frac{3000}{1.125} \)

Step 6 ：Find the initial investment: \( P = 2666.6666666666665 \)

Step 7 ：Round up to the nearest cent: \( P = 2666.67 \)

Step 8 ：Final Answer: You must put \( \boxed{2666.67} \) in this CD now in order to have $3000 for a graduation trip in 5 years.