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Alex wants to have $48,000 five years from now to buy a new car. He wants to make one deposit today to fund this expenditure.

Alex wants to have $48,000 five years from now to buy a new car. He wants to make one deposit today to fund this expenditure. How much does he have to deposit if he can earn 4.8 percent per year on his savings? (SHOW CALCULATIONS)

A. $24,908.16

B. $35,255.20

C. $38,211.40

D. $37,969.50

E. $48,341.22

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