Asked by Chris
Kim and Mario wish to have $30,000 available for a kitchen remodel in 3 years. How much
money should they set aside now at 7% compounded monthly in order to reach their
financial goal? Round your answer UP to the nearest cent.
money should they set aside now at 7% compounded monthly in order to reach their
financial goal? Round your answer UP to the nearest cent.
Answers
Answered by
Damon
3 years = 36 months
.07/12 = .00583333....
1.00583333...^36 = 1.232925587
1.232925587 p = 30,000
p = 24,332.37
.07/12 = .00583333....
1.00583333...^36 = 1.232925587
1.232925587 p = 30,000
p = 24,332.37
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.