Suppose that you begin saving up to buy a car by depositing a certain amount at the end of each month in a savings account which pays 3.6% annual interest compounded monthly. If your goal is to have $15,000 in the account four and a half years from now, how much do you need to put into the savings account each month?

Answer rating: 100% (QA)

To find out how much you need to deposit each month in order to have 15000 in the account after four ... View the full answer