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?

1 answer

​$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