Pete plans to purchase a custom car in five years in order to stave off a midlife crisis. He would like to have the sum of $200,000 in his car purchase fund in exactly five years.

Determine the amount Pete would have to invest today in order to have his car purchase fund grow to exactly $200,000 in five years if he can earn 12% annual interest rate, compounded quarterly.

Select the answer that is closest to (within $250 above or below) what you calculated. If an answer is more than $250 away from what you calculated, you should consider it incorrect.

Group of answer choices

$113,486

$20,734

$104,000

$110,736

None of the above