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Use Future Value and Present Value Tables to Apply Compound Interest to Accounting Transactions UseFuture Value TablesandPresent Value Tables, or your calculator, to complete the

Use Future Value and Present Value Tables to Apply Compound Interest to Accounting Transactions

UseFuture Value TablesandPresent Value Tables, or your calculator, to complete the requirement below.

Ed Walker wants to save some money so that he can make a down payment of $3,000 on a car when he graduates from college in 4 years.

Required:

If Ed opens a savings account and earns 3% on his money, compounded annually, how much will he have to invest now? Round your answer to the nearest cent.

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