You are saving for a car that costs $48,000 that you hope to purchase in eight years. How much will you need to deposit today in a savings account that earns 7%, compounded annually, to withdraw enough for the purchase? (Future Value of $1. Present Value of $1. Future Value Annuity of $1. Present Value Annuity of $1.) (Use appropriate factor from the PV tables. Round your final answer to the nearest whole dollar amount.) Multiple Choice $44,640 $27,936 $44,861 $82,474 TABLE 11.1A Future Value of $1 Periods 2% 3% 3.75% 4% 4.25% 5% 6% 7% 8% 0 1.0000 10000 10000 10000 10000 10000 10000 10000 1.0000 1 1.0200 1.0300 10375 1.0400 10425 1.0500 1.0600 1.0700 1.0800 2 10404 10609 1.0764 1.0816 10868 11025 11236 11449 11664 3 1.0612 10927 11168 11249 11330 11576 1.1910 12250 1.2597 4 1.0824 11255 11587 11699 11811 1.2155 12625 1.3108 1.3605 5 11041 11593 1.2021 12167 12313 6 1.2763 1.3382 14026 1.4693 11262 1.1941 12472 12653 12837 13401 14185 1.5007 15869 7 11487 1.2299 12939 13159 1.3382 1.4071 1.5036 16058 1.7138 8 1.1717 12668 13425 13686 13951 14775 1.5938 17182 1.8509 9 11951 10 13048 1.3928 14233 14544 12190 13439 14450 14802 15162 16289 1.7906 1.5513 16895 1.8385 1.9990 20 11% 14859 1.8061 2.0882 21911 2.2989 26533 -3.2071 Periods 9% 1.9672 21589 3.8697 4.6610 12% 0 10% 13% 14% 15% 1.0000 10000 10000 10000 10000 10000 10000 20% 25% 1.0000 10000 1 10900 11000 11100 11200 2 11881 1.2100 11500 12321 12544 12769 12996 13225 11300 11400 1.2000 12500 14400 1.5625 3 12950 13310 13676 14049 14429 14815 15209 17280 1.9531 4 1.4116 1.4641 5 1.5386 16105 6 16771 17716 1.8704 19738 20820 2.1950 7 8 90 10 20 2.4414 16851 17623 18424 19254 20114 2.4883 3.0518 2.3131 2.9860 3.8147 1.8280 19487 2.0762 22107 2.3526 25023 26600 3.5832 47684 19926 21436 23045 2.4760 26584 2.8526 3.0590 4.2998 5.9605 21719 2.3579 25580 27731 3.0040 3.2519 3.5179 51598 74506 23674 2.5937 2.8394 31058 3.3946 37072 4.0456 61917 9.3132 5.6044 67275 8.0623 96463 11.5231 13.7435 16.3665 38.3376 867362 15181 15735 16305 16890 17490 2.0736 TABLE 11.2A Present Value of $1 Periods 2% 3% 3.75% 4% 4.25% 5% 6% 7% 8% 1 0.9804 0.9709 0.9639 0.9615 0.9592 0.9524 0.9434 0.9346 0.9259 2 0.9612 0.9426 0.9290 0.9246 0.9201 0.9070 0.8900 0.8734 0.8573 3 0.9423 0.9151 0.8954 0.8890 0.8826 0.8638 0.8396 0.8163 0.7938 4 0.9238 0.8885 0.8631 0.8548 0.8466 0.8227 0.7921 0.7629 0.7350 5 0.9057 0.8626 0.8319 0.8219 0.8121 0.7835 0.7473 0.7130 0.6806 6 0.8880 0.8375 0.8018 0.7903 0.7790 0.7462 0.7050 0.6663 0.6302 7 8 9 10 0.8706 0.8131 0.7728 0.7599 0.7473 0.7107 0.6651 0.6227 0.5835 0.8535 0.7894 0.7449 0.7307 07168 0.6768 0.6274 0.5820 0.5403 0.8368 07664 0.7180 0.7026 0.6876 0.6446 0.5919 0.5439 0.5002 0.8203 07441 0.6920 0.6756 0.6595 0.6139 0.5584 0.5083 0.4632 0.6730 0.5537 0.4789 0.4564 0.4350 0.3769 0.3118 02584 0.2145 Periods 9% 10% 20 11% 12% 13% 14% 15% 20% 25% 0.9174 0.9091 0.9009 0.8929 0.8850 0.8772 0.8696 0.8333 0.8000 1 2 0.8417 08264 0.8116 0.7972 07831 07695 07561 06944 0.6400 3 4 5 6 7 8 9 10 20 0.7722 0.7513 0.7312 0.7118 0.6931 0.6750 06575 0.5787 0.5120 0.7084 06830 0.6587 0.6355 0.6133 0.5921 0.5718 0.4823 0.4096 0.6499 0.6209 0.5935 0.5674 0.5428 0.5194 0.4972 0.4019 0.3277 0.5963 0.5645 0.5346 0.5066 0.4803 0.4556 0.4323 0.3349 0.2621 05470 0.5132 0.4817 0.4523 0.4251 0.3996 0.3759 0.2791 0.2097 0.5019 0.4665 04339 0.4039 0.3762 03506 0.3269 0.2326 0.1678 0.4604 0.4241 0.3909 0.3606 0.3329 0.3075 0.2843 01938 01342 0.4224 03855 0.3522 0.3220 0.2946 0.2697 0.2472 0.1615 01074 01784 01486 01240 01037 00868 0.0728 0.0611 00261 00115 TABLE 11.3A Future Value of an Annuity of $1 Periods 2% 3% 3.75% 4% 4.25% 5% 6% 7% 8% 1 1.0000 10000 1.0000 10000 1.0000 1.0000 1.0000 1.0000 1.0000 2 2.0200 2.0300 2.0375 2.0400 2.0425 2.0500 2.0600 2.0700 2.0800 3 3.0604 3.0909 3.1139 3.1216 3.1293 3.1525 3.1836 3.2149 3.2464 4 4.1216 4.1836 4.2307 4.2465 4.2623 4.3101 4.3746 4.4399 4.5061 5 5.2040 5.3091 6 5.3893 6.3061 6.4684 6.5914 6.6330 6.6748 5.4163 5.4434 5.5256 5.6371 5.7507 5.8666 7 7.4343 7.6625 7.8386 8 8.5830 8.8923 91326 9.2142 6.8019 7.8983 7.9585 81420 9.2967 95491 6.9753 8.6540 8.3938 7.1533 7.3359 8.9228 9 10 10.9497 11.4639 118678 12.0061 12.1462 12.5779 20 9.8975 10.2598 10.6366 97546 10.1591 10.4750 10.5828 10.6918 11.0266 11.4913 11.9780 12.4876 13.1808 13.8164 14.4866 24.2974 26 8704 29.0174 29.7781 30.5625 33.0660 36.7856 40.9955 45.7620 Periods 9% 10% 11% 12% 13% 14% 15% 20% 25% 1 1.0000 1.0000 1.0000 2 1.0000 1.0000 10000 1.0000 1.0000 2.0900 21000 21100 2.1200 2.1300 21400 1.0000 3 3.2781 3.3100 4- 4.5731 4.6410 4.7097 4.7793 4.8498 5 5.9847 6.1051 6.2278 6.3528 6.4803 6 21500 2.2000 2.2500 3.3421 3,3744 3.4069 3.4396 3.4725 3.6400 3.8125 4.9211 4.9934 5.3680 5.7656 6.6101 67424 74416 8.2070 7.5233) 7.7156 79129 8.1152 8.3227 8.5355 87537 9.9299 11.2588 7 9.2004 9.4872 9.7833 10.0890 10.4047 10.7305 11.0668 12.9159 15.0735 8 11.0285 11.4359 11.8594 12.2997 127573 13 2328 137266 16.4991 19.8419 9 10 20 13.0210 13.5975 141640 14.7757 15.4157 16.0853 16.7856 207989 25.8023 151929 15.9374 16.7220 175487 18.4197 19.3373 20.3037 25.9587 33.2529 51.1601 57.2750 64.2028 72.0524 80.9468 910249 102.4436 186.6880 342 9447 TABLE 11.4A Present Value of Annuity of $1 Periods 2% 3% 3.75% 4% 4.25% 5% 6% 7% 8% 1 0.9804 0.9709 0.9639 0.9615 0.9592 0.9524 0.9434 0.9346 0.9259 2 1.9416 1.9135 1.8929 1.8861 1.8794 1.8594 1.8334 1.8080 17833 4 2.8839 2.8286 2.7883 2.7751 27620 27232 2.6730 2.6243 2.5771 3.8077 3.7171 3.6514 3.6299 3.6086 3.5460 3.4651 3.3872 3.3121 5 4.7135 4.5797 4.4833 4.4518 4.4207 4.3295 4.2124 4.1002 3.9927 6 5.6014 5.4172 5.2851 5.2421 5.1997 5.0757 4.9173 4.7665 4.6229 7 6:4720 6.2303 6.0579 6.0021 5.9470 5.7864 5.5824 5.3893 5.2064 8 73255 7.0197 6.8028 6.7327 6.6638 6.4632 6.2098 5.9713 5.7466 9 8.1622 77861 7.5208 7.4353 73513 71078 6.8017 6.5152 6.2469 10 8.9826 8.5302 8.2128 8.1109 8.0109 77217 20 Periods 9% 10% 11% 12% 1 0.9174 2 7.3601 7.0236 6.7101 16.3514 14.8775 13.8962 13.5903 13.2944 12.4622 114699 10.5940 9.8181 14% 20% 25% 0.9091 09009 0.8929 0.8550 0.8772 0.8696 0.8333 0.8000 17591 17355 17125 16901 16681 1.6467 1.6257 15278 1.4400 13% 15% 3 2.5313 2.4869 2.4437 2.4018 2.3612 2.3216 2.2832 2.1065, 1.9520 4 3.2397 3.1699 3.1024 3.0373 2.9745 2.9137 2.8550 2.5887 2.3616 10 3.4331 3.3522 2.9906 2.6893 5 6 7 00 8 3.8897 3.7908 3.6959 3.6048 3.5172 4.4859 4.3553 4.2305 41114 3.9975 3.8887 3.7845 3.3255 2.9514 5.0330 4.8684 47122 4.5638 4.4226 4.2883 41604 3.6046 3.1611 5.5348 5.3349 5.9952 57590 6.4177 61446 51461 4.9676 47988 4.6389 4.4873 3.8372 3.3289 9 22 10 5.5370 5.3282 51317 4.9464 47716 4.0310 3.4631 5.8892 5.6502 5.4262 5.2161 5.0188 41925 3.5705 20 91285 8.5136 79633 7.4694 70248 6.6231 6.2593 4.8696 3.9539 "There is one payment each prod