Computing the Present Value of a Single Amount

Reynolds must accumulate $$40,000$ in eight years to purchase replacement equipment. Reynolds plans to invest funds today to have the $$40,000$ accessible at that time.

Round answers to the nearest whole dollar.

Do not use negative signs with any of your answers.

a$.$ Assuming a $6\%$ return compounded annually on its investment, how much must Reynolds invest now to reach the goal? Answer $1$

b$.$ Assuming an $8\%$ return compounded annually on its investment, how much must Reynolds invest now to reach the goal?