You are saving for a car that costs $$50,000$ that you hope to purchase in $8$ years. How much will you need to deposit today in a savings account that earns $7\%$ interest, compounded annually, to withdraw enough for the purchase? $($Future Value of $$1,$ Present Value of $$1,$ Future Value Annuity of $$1,$ Present Value Annuity of $$1)$

Note: Use appropriate factor from the PV tables.

Multiple Choice

$$46,500$

$$29,100$

$$46,730$

$$85,910$