Question: Alan Bowie is trying to determine the amount to set aside so that he will have enough money on hand in 3 years to overhaul

Alan Bowie is trying to determine the amount to set aside

Alan Bowie is trying to determine the amount to set aside so that he will have enough money on hand in 3 years to overhaul the engine on his vintage used car. While there is some uncertainty about the cost of engine overhauls in 3 years, by conducting some research online, Alan has developed the following estimates. Click here to view factor tables: How much should Alan Bowie deposit today in an account earning 8\%, compounded annually, so that he will have enough money on hand in 3 years to pay for the overhaul? (Round foctor values to 5 decimal ploces, 48.125124 and final answer to 0 decimal places, es. 458,581.)

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