ow much money should Bobby put away into an investment each time he receives alimony payments if he can get a 8% return a year

Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 20E
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Use the table below to answer the following questions:         
                 
  Present Value of an Annuity of 1 Future Value of an Annuity of 1
Period 4% 5% 8% 10% 4% 5% 8% 10%
4 3.6299 3.5460 3.3121 3.1699 4.2465 4.3101 4.5061 4.6410
5 4.4518 4.3295 3.9927 3.7908 5.4163 5.5256 5.8666 6.1051
6 5.2421 5.0757 4.6229 4.3553 6.6330 6.8019 7.3359 7.7156
7 6.0021 5.7864 5.2064 4.8684 7.8983 8.1420 8.9228 9.4872
8 6.7327 6.4632 5.7466 5.3349 9.2142 9.5491 10.6366 11.4359
9 7.4353 7.1078 6.2469 5.7590 10.5828 11.0266 12.4876 13.5795
10 8.1109 7.7217 6.7101 6.1446 12.0061 12.5779 14.4866 15.9374
11 8.7605 8.3064 7.1390 6.4951 13.4864 14.2068 16.6455 18.5312

 

Bobby receives alimony payments every 6 months and the next payment is tomorrow. Median homes go for $950,000 and he wants to save $190,000 in 4 years. How much money should Bobby put away into an investment each time he receives alimony payments if he can get a 8% return a year?

Group of answer choices
$23,131
$31,624
$35,593
$46,262
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