John Cabot is saving for a new car the costs $50,000. How many dollars should he set aside now to have 550.000 in 7 years assuming that money compounds at 4% annually? Present Value Interest Factors 20% 1296 8 15 490 10% 5% 2% Period 2 2 3 4 5 6 7 B 9434 8900 B396 7921 7473 7050 6651 9615 9246 8890 8548 8319 .7903 .7599 .7207 .7026 6756 .6496 6246 6006 5775 .9904 -9612 .9423 9238 9057 88.80 8706 8535 8363 8203 8043 7885 .7730 -7579 7430 .7284 2142 .7002 6864 9259 8573 7938 7350 6806 6302 5835 5403 SOO2 A632 A289 3977 3677 3405 3152 2919 9 6274 5919 5584 5268 4970 A688 4423 4173 3936 3714 3503 3305 3118 9091 8264 .7513 6830 6209 5645 5132 4665 4241 3855 3505 3186 2897 2633 2394 2176 .1978 .1799 .1635 .1486 8929 7972 7118 6355 5674 5056 A523 4039 3606 3220 2875 2567 2292 2046 1827 1631 .1456 .1300 .1161 0037 3333 6944 5787 A823 4019 3349 2791 -2326 .1938 .1615 1346 .1122 0935 0779 0649 0541 0451 0376 0313 0267 3696 7561 6575 5718 A972 A323 3759 3269 2843 2472 2149 1869 .1625 .1413 1229 1069 0929 0809 0703 0611 10 11 12 13 14 15 16 17 18 19 20 5553 5339 5134 4936 .4746 4564 2703 2502 2317 2145 6730 Select one: a. 36.435 6.37.995 C.36.635 d. 37.595 e. None of the above