A.) start by calculating how long it will take you to save enough money and pay cash with your potential $300.00/month savings, taking into account the $1000.00 you have already saved.
B.)Now imagine you have invested your original $1000.00 savings.
I.) calculate how much the investment would be worth if you invested it at a simple interest rate of 0.75% per annum for the length of time that you calculated above.
II.) calculate how much the investment would be worth if you invested it at a compound interest rate at 0.75% per annum, compounded monthly, for the same length of time that you calculated above.
C.) by how much does the time taken to save enough cash change with your $1000.00 invested in one of these accounts.
2 answers
the amount that you are saving for is missing.
Oh. Can you try answering my other question than?
1 answer