Problemstephen plans to purchase a car 7 years from now the, Ask an Expert

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Problem:

Stephen plans to purchase a car 7 years from now. The car will cost $67,989 at that time. Assume that Stephen can earn 7.37 percent (compounded monthly) on his money.

Required:

Question: How much should he set aside today for the purchase?

Note: Solve the problem and show all work.

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Category:- Basic Finance
Reference No.:- M91174311

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