You estimate that it will take five years to complete your college education. Your parents want to invest enough money today at an interest rate of 8% compounded annually to allow you to withdraw $23,000 at the end of each year for the next five years, with nothing left at the end. The amount of money to invest today is:

Use appendixTable 1,Table 2,Table 3andTable 4.

Multiple Choice

• $115,000.
• None of the answers is correct.
• $33,790.
• $91,839.
• $85,959.