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This set of problems is designed to be calculated using the Excel or financial calculator

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This set of problems is designed to be calculated using the Excel or financial calculator. You can also use algebraic formulas. Do not use financial tables to calculate these problems.

Stephen plans to purchase a car 4 years from now. The car will cost $43,158 at that time. Assume that Stephen can earn 8.60 percent (compounded monthly) on his money. How much should he set aside today for the purchase?

Round the answer to two decimal places.

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