You have purchased solar panels for your house and they will be installed in 9 months. You will pay $24,143 for the panels in 9 months. How much must you save (invest) each month, starting next month, for six months, to pay for the panels if your investments earn 5% APR, compounded monthly?

Enter your answer in dollars, rounded to the nearest cent (2 decimals).

Answer rating: 100% (QA)

To calculate the amount you must save each month we can use the formul... View the full answer