The effective interest rate of an account with 8% interest is approximately, 8.243% through the equation,
ieff = (1+i/4)^4 - 1
Through the effective interest rate, the time span given, and the future value, the present worth can be obtained by,
P = 4500/ (1+0.08243)^4 = 3278
Thus, the present value of the money is 3278 rounded of to the nearest tenths.