A client needs to save $9500 dollars in 3 years. If they invest at $LaTeX: \displaystyle 5.3$ % compounded monthly, how much do they need to invest today?

Using the forumla for present value $LaTeX: \displaystyle PV = \frac{9500}{ (1 + (0.053/12))^{36} } = 8106.30$ dollars.