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Pete Morton is planning to go to graduate school in a program of study that...

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Accounting

Pete Morton is planning to go to graduate school in a program of study that will take 2 years. Pete wants to have $22300 available each year for various school and living expenses. If he earns 5 percent on his money, how much must be deposit at the start of his studies to be able to withdraw $22300 a year for 2 years?

Use the appropriate Time Value of Money table [Exhibit 1-A, Exhibit 1-B, Exhibit 1-C, OR Exhibit 1-D]

(Round your answer to the nearest whole number. Do not include the comma, period, and "$" sign in your response.)

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