Question: Joe will be starting a 4-year apprenticeship program in 23 months time. His mother, Erin, has promised him a living allowance of $187.9 per month

Joe will be starting a 4-year apprenticeship program in 23 months time. His mother, Erin, has promised him a living allowance of $187.9 per month to help support him during this time. If the interest rate is 9.4 percent per annum, compounding monthly, how much money will Erin need to set aside today to finance Joes allowance?

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