Question: Question I ( 5 points ) : Time Value of Money You plan to buy a new car in 3 years that is projected to

Question I (5 points): Time Value of Money
You plan to buy a new car in 3 years that is projected to cost $30,000 at that time. To save for this purchase, you intend to invest $5,682.196 at the end of each of the next 3 years into a savings account that earns an annual interest rate of 6%, compounded annually.
Question: How much do you need to invest today in the same savings account to have a total of $30,000 in 3 years? Hint: Use the PV() function in Excel. The answer should be a whole number.

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