Ask Question
27 April, 07:13

You want to purchase a new car in 5 years and you anticipate the cost of the car to be $55,000. You are given an investment plan with a fixed APR of 6.2%, assuming that you make regular monthly deposits. How much should you deposit at the beginning of each month to reach your goal of $55,000 in 5 years? Round to the nearest cent.

+5
Answers (1)
  1. 27 April, 10:11
    0
    See the formula of the future value of annuity due

    PMT=55,000: (((1+0.062:12) ^ (12

    *5) - 1) : (0.062:12)) * (1+0.062:12)

    =788.31
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “You want to purchase a new car in 5 years and you anticipate the cost of the car to be $55,000. You are given an investment plan with a ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers