On November 1, Josh plans to make a single (lump-sum) deposit into an investment account which earns 9% compounded annually. He would like for this investment to be worth $50,000six (6) years later.

Question:Rounding to the nearest whole dollar, what should be the amount of Josh's investment on November 1?Note: You may use the factor tables located in the appendix of your textbook or use the factor table links located at the bottom of this question. The factor table you select should open up in a new window on your computer.

Answer:$Answer

(Remember to round to the nearest whole dollar. Do not use commas or decimals in your response.)

Factor Tables:

Future Value of a Lump Sum

Present Value of a Lump Sum

Future Value of an Annuity

Present Value of an Annuity