A client needs to save $12500 dollars in 5 years. If they invest at $LaTeX: \displaystyle 2.3$ % compounded monthly, how much do they need to invest today?

Using the forumla for present value $LaTeX: \displaystyle PV = \frac{12500}{ (1 + (0.023/12))^{60} } = 11143.30$ dollars.