Doris is retiring today and she plans to buy a new car for $25,000 seven years from now and a second new car for $40,000 seventeen years from now. How much "new car money" should she set aside now if she can expect to earn 8½% compounded annually on her savings?
A) $42,515
B) $31,879
C) $24,421
D) $24,118
E) $16,590

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The Answer of Doris is retiring today and she plans to buy a new car for $25,000 seven years from now and a second new car for $40,000 seventeen years from now. How much "new car money" should she set aside now if she can expect to earn 8½% compounded annually on her savings?
A) $42,515
B) $31,879
C) $24,421
D) $24,118
E) $16,590

Doris Is Retiring Today and She Plans to Buy a New