Stephen plans to purchase a car 5 years from now the car, Financial Management

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Stephen plans to purchase a car 5 years from now the car

Stephen plans to purchase a car 5 years from now. The car will cost $55,339 at that time. Assume that Stephen can earn 5.16 percent (compounded monthly) on his money. How much should he set aside today for the purchase?

Round answer to two decimal places.

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