q29

Dr. J. wants to buy a Dell computer which will cost $3,000 six years from today. He would like to set aside an equal amount at the end of each year in order to accumulate the amount needed. He can earn 8% annual return. How much should he set aside? Use Appendix C to calculate the answer. (Round your final answer to 2 decimal places.)

Multiple Choice

• $383.94

• $408.94

• $458.94

• $508.94