Nicholas is currently in eighth grade and intends to attend a state college when he finishes high school. Nicholas’s parents currently have some money invested in mutual funds, but would like to invest this money in a more secure investment now to pay for a college in 4 years. If they will need 25,000, how much do Nicholas’ parents have to invest now in a 48-month CD that has a rate of 4.59% compounded monthly?
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