To help with your college expenses, you parents have agreed to give you a series of annual payments of $8000 for the next 4 years. The discount rate is 5%. How much will your parents have to invest now to set up this annuity?

Enter the excel formula you would use to solve this problem.

Do NOT put any spaces in your formula and use capital letters. Also, please enter the RATE as a percentage.

Example: =PMT(3%,8,-500,0)