Dorothy wants to buy a car when she graduates from Central University 5 years from now. She believes that she will need $30,600 to buy the car. Calculate how much money Dorothy must put into her savings account today to have $30,600 in 5 years, assuming she can earn 14% compound annually?
Calculate how much money Dorothy must put into her savings account today to have $30,600 in 5 years assuming she can earn 14% compounded semi annually