Question
A bookstore offers you the following deal: you pay $33 today (in January) and you get 8% off the price of everything you purchase in
A bookstore offers you the following deal: you pay $33 today (in January) and you get 8%
off the price of everything you purchase in December (for simplicity assume exactly 12
months from now). If your savings account earns 3.08% APR (compounded monthly), how
much do you have to buy in December to just break even on the offer?
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Personal Financial Planning
Authors: Lawrence J. Gitman, Michael D. Joehnk, Randy Billingsley
12th Edition
1439044473, 978-1439044476
