How much does your friend have to deposit in the savings, Financial Management

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How much does your friend have to deposit in the savings

Your best friend wants to buy a car in 4 years and asks you to calculate the exact amount he has to deposit in a savings account today. The expected price of the car in 4 years is $15,000 and the interest rate on the savings account is 6%, compounded semi-annually. How much does your friend have to deposit in the savings account today?

a. $11,881.41

b. $3,750

c. $11,957.91

d. None of the choices given.

e. $11,841.14

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