A client needs to save $5500 dollars in 8 years. If they invest at $LaTeX: \displaystyle 3.1$ % compounded monthly, how much do they need to invest today?

Using the forumla for present value $LaTeX: \displaystyle PV = \frac{5500}{ (1 + (0.031/12))^{96} } = 4293.35$ dollars.