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You have decided to buy a quiet cabin up north 20 years from now, and you have decided to save up $100,000 for this purchase.
You have decided to buy a quiet cabin up north 20 years from now, and you have decided to save up $100,000 for this purchase. You have also decided to deposit money into a savings account earning 5.5% annual interest now, compounded annually, and you do not intend to add to the account over the next 20 years. How much do you need to deposit now to reach your goal? ENTER YOUR ANSWER AS A POSITIVE NUMBER ROUNDED TO 2 DECIMAL PLACES.
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