A client needs to save $5500 dollars in 2 years. If they invest at $LaTeX: \displaystyle 2.0$ % compounded monthly, how much do they need to invest today?

Using the forumla for present value $LaTeX: \displaystyle PV = \frac{5500}{ (1 + (0.020/12))^{24} } = 5284.52$ dollars.