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You just won a lottery prize of $95,000. While you plan to use some of the sum to pay off your student loans, you would
You just won a lottery prize of $95,000. While you plan to use some of the sum to pay off your student loans, you would like to have a total of $100,000 saved in an account in 8 years. After paying off some of the principal on your student loans, you plan to deposit the money left over in an account earning 2% interest, compounded annually. How much money can you spend today and still achieve your goal of having $100,000 at the end of 8 years? Express your answer as dollars and cents, rounded to the nearest cent (e.g., 1234.56).
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