You started saving for a car when you were in middle school. you have done some research and discovered that it will cost you about $15,000 for a used car that would fit your needs. you were encouraged to invest some of your savings to you get to your financial goal faster. so far you have saved $10,000.

you would like to purchase the car in 4 years. how much money will you need to invest at a 3% interest rate compounded annually in order to have $15,000 in 4 years? use the compound interest formula a = p (1 + i)n. (round final answer to the nearest cent, but otherwise don’t round any intermediate values)