*Exercise 6-21

John Bowie is trying to determine the amount to set aside so that he will have enough money on hand in 6 years to overhaul the engine on his vintage used car. While there is some uncertainty about the cost of engine overhauls in 6 years, by conducting some research online, John has developed the following estimates.

Engine Overhaul Estimated Cash Outflow			Probability Assessment
$310			10%
510			30%
770			50%
760			10%

How much should John Bowie deposit today in an account earning 9%, compounded annually, so that he will have enough money on hand in 6 years to pay for the overhaul? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)

Deposit amount $