need help ASAP please and thank you

Question

Jim Roznowski wants to invest some money to buy a new tractor in the future. If he wants to have $275000 available in 4 years, how much does he need to invest now in a CD paying 5.35% interest compounded montly?

Answer 1

present value = (future value)/(1+i/12)^4*12

where i = .0535 or the annual interest rate compounded monthly

substitute into the formula (or into Excel) you get

$222,126.43