Compute the amount of money to be set aside

Reference no: EM132074794

Question: Ronnie Cox has just inherited$27,000. How much of this money should he set aside today to have $15,000 to pay cash for a Ventura Van, which he plans to purchase in one year? He can invest at 1.6% annually, compounded annually. The amount of money to be set aside is $ (Round to the nearest cent as needed.)

Reference no: EM132074794

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