You are a motivated person, and you want to save up to buy a new...
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You are a motivated person, and you want to save up to buy a new car. You have crunched the numbers, and you know that you will want to buy this car in 10 years. For the sake of problem solving, we will assume the car you wish to purchase will be worth $30,500 on the day of purchase. If you can earn a 5% annual return (with annual compounding), how much do you need to invest today to ensure you can buy the car? (Round your answer to two decimal places, do not include the $ sign).
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