Finance 330 (FV and PV of a Single Amount Non-Annually)

(FV and PV of a Single Amount Non-Annually)

Question 4 

Stephen plans to purchase a car 2 years from now. The car will cost $54,626 at that time. Assume that Stephen can earn 5.89 percent (compounded monthly) on his money. How much should he set aside today for the purchase?

Round the answer to two decimal places.

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