James Parker wants to buy a new motorcycle 4 years from now. In addition to trading in his current motorcycle, he estimates that he will need an additional $2,000 . Compute the amount that James must invest now if he has to earn 12% compounded quarterly. (Use Tables 16-1A&B or 16-2A&B or a calculator.)
0.12 ÷ 4 = 0.03; 4 × 4 = 16;
$2,00 . × 0.62317 = $1,246.34 invest now
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