Question: Bob will be starting a 5-year apprenticeship program in 22 months time. His mother, Liz, has promised him a living allowance of $173.1 per month

Bob will be starting a 5-year apprenticeship program in 22 months time. His mother, Liz, has promised him a living allowance of $173.1 per month to help support him during this time. If the interest rate is 10.3 percent per annum, compounding monthly, how much money will Liz need to set aside today to finance Bobs allowance?

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