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14. A young graduate projects that his dream car will cost $45,400.00 six years from today. He can invest in an account that pays 6.00%

14.

A young graduate projects that his dream car will cost $45,400.00 six years from today. He can invest in an account that pays 6.00% APR with quarterly compounding. He invests his graduation gift of $17,800.00 today. He will use the balance of this account as a down payment on the car in six years. How much more money will he need to purchase the car? Submit Answer format: Currency: Round to: 2 decimal places

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