A client needs to save $8500 dollars in 5 years. If they invest at $LaTeX: \displaystyle 4.2$ % compounded monthly, how much do they need to invest today?

Using the forumla for present value $LaTeX: \displaystyle PV = \frac{8500}{ (1 + (0.042/12))^{60} } = 6892.49$ dollars.