You need to have 49,196 dollars to buy a new car 8 years from now. How...
You need to have 49,196 dollars to buy a new car 8 years from now. How much do you need to save at the end of each month if your savings account pays 8% per year, compounded quarterly? (note: round your answer to the nearest cent, and do not include spaces, currency signs, plus or minus signs, or commas)
Homework Answers
Let the monthly saving be A
Quarterly savings = 3A
Quarterly rate = 8/4 = 2%
Future value = 49196
n = 8 years = 8*4 = 32 quarters
3A = 49196(A/F,2%,32)
3A = 49196*0.022611
3A = 1112.370756
A = 1112.370756/3
A = 370.79
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