Question
Stephen plans to purchase a car 3 years from now. The car will cost $47,487 at that time. Assume that Stephen can earn 3.96 percent
Stephen plans to purchase a car 3 years from now. The car will cost $47,487 at that time. Assume that Stephen can earn 3.96 percent (compounded monthly) on his money. How much should he set aside today for the purchase?
Round the answer to two decimal places.
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Get StartedRecommended Textbook for
Contemporary Financial Management
Authors: James R Mcguigan, R Charles Moyer, William J Kretlow
10th Edition
978-0324289114, 0324289111
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