Stephen plans to purchase a car 5 years from now. The car will cost $50,767 at that time. Assume that Stephen can earn 8.54 percent (compounded monthly) on his money. How much should he set aside today for the purchase?

John plans to buy a vacation home in 14 years from now and wants to have saved $80,058 for a down payment. How much money should he place today in a saving account that earns 8.50 percent per year (compounded daily) to accumulate money for his down payment? Round the answer to two decimal places

Camila plans to go for vacation to Australia in 14 years from now. She estimates that she will need $19,261 for the trip. How much does she need to place in a saving account today that earns 9.47 percent per year (compounded quarterly) to accumulate this amount?