Question
Jasica Parker would like to have $78 comma 000
to buy a new car in 8
years. To accumulate $ 78 comma 000
in 8
years, how much should she invest monthly in a sinking fund with 6 %
interest compounded monthly?
to buy a new car in 8
years. To accumulate $ 78 comma 000
in 8
years, how much should she invest monthly in a sinking fund with 6 %
interest compounded monthly?
Answers
Reiny
$78 comma 000 ????
Why not just say $78,000 ?
i = .06/12 = .005
n = 12(8) = 96
paym( 1.005^96 - 1)/.005 = 78000
solve for paym
Why not just say $78,000 ?
i = .06/12 = .005
n = 12(8) = 96
paym( 1.005^96 - 1)/.005 = 78000
solve for paym