Ruth wants to buy a car when she graduates from Central University 6 years from now. She believes that she will need $30,300 to buy the car. Click here to view the factor table. (a) Calculate how much money Ruth must put into her savings account today to have $30,300 in 6 years, assuming she can earn 14% 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 Ruth must put into her savings account today to have $30,300 in 6 years, assuming she can earn 14% 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