Elizabeth wants to buy a car when she graduates from Central University 6 years from now. She believes that she will need $29,500 to buy the car. Click here to view the factor table. (a) Calculate how much money Elizabeth must put into her savings account today to have $29,500 in 6 years, assuming she can earn 12% compounded annually. (For calculation purposes, use 4 decimal places as displayed in the factor table provided and round final answer to 0 decimal place, e.g. 58,975.)

Amount

$enter a dollar amount

(b) Calculate how much money Elizabeth must put into her savings account today to have $29,500 in 6 years, assuming she can earn 12% compounded semiannually. (For calculation purposes, use 4 decimal places as displayed in the factor table provided and round final answer to 0 decimal place, e.g. 58,975.)

Amount

$enter a dollar amount