Claire wants to buy a car when she graduates from North State University 4 years from now. She believes that she will need $30,000 to buy the car
(a) Calculate how much money Claire must put into her savings account today to have $30,000 in 4 years, assuming she can earn 8% compounded annually.
(b) Calculate how much money Claire must put into her savings account today to have $30,000 in 4 years, assuming she can earn 8% compounded semi-annually