MGOL 410 - You plan to buy a new car that will cost you $40,000 in five years
Question # 00665389
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Updated on: 03/27/2018 10:33 AM Due on: 03/27/2018
1. You plan to buy a new car that will cost you $40,000 in five years.
a. If you have $28,000 now in your savings account, what annual interest rate you must earn to reach your goal of $40,000 in five years so you can afford the new car?
b. If you have nothing now, how much do you need to save at the end of each month if your savings gets 8% annually and is compounded monthly?
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Rating:
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Solution: MGOL 410 - You plan to buy a new car that will cost you $40,000 in five years