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answer please A young graduate is planning on buying a new car in two years. The car the young graduate wants is a BMW 3.Series
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A young graduate is planning on buying a new car in two years. The car the young graduate wants is a BMW 3.Series that will cost $52,300.00 in two years. To pay for the car, the graduate will invest money each month in a money market fund (first investment is TODAY). The fund will pay 4.68% annually with monthly compounding. The other source of funding for the car will come from a bank loan that the graduate will take out from the local bank the day he purchases the car- The graduate believes he can get a 60 -month bank loan at a rate of 6.24% APR, and monthly payments of $448.00. To buy the BMW, what monthly contributions must he make to the money market fund for the next 2 years? Answer format: Currency: Round to: 2 decimal places. A couple is saving for retirement with three different accounts. The table below shows the current balances in their accounts, along with their yearly contribution, and the yearly return on each account. The couple will retire in 22.00 years and pool the money into a savings accounf that pays 4.00% APR. They plan on living for 30.00 more years and making their yoarly withdrawals at the beginning of the year. What will be their yearly withdrawal? Answer format: Currency: Round to: 2 decimal places Step by Step Solution
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