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Stephen plans to purchase a car in 5 years from now. The car will cost $32,000 at that time. Assume that Stephen can earn 7.32%

Stephen plans to purchase a car in 5 years from now. The car will cost $32,000 at that time. Assume that Stephen can earn 7.32% (compounded monthly) on his money. How much should he set aside today for the purchase?

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