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BartSimpson, age 9 wants to be able to buy a really cool new car when he turns 16. His really cool car costs 15,000 today,
BartSimpson, age 9 wants to be able to buy a really cool new car when he turns 16. His really cool car costs15,000 today, and its cost is expected to increase 5 percent annually. Bart wants to make one deposit today(he can sell hismint-condition original Nuclear Boy comicbook) into an account paying 7.4 percent annually in order to buy his car in 7 years. How much willBart's carcost, and how much does Bart have to save today in order to buy this car at age 16?
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