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You have $25,000 and are planning to buy a condominium in three years. You estimate that you will need a down payment of $100,000 when
You have $25,000 and are planning to buy a condominium in three years. You estimate that you will need a down payment of $100,000 when you buy the condo. You can earn a nominal annual rate of 4.0% on your savings. What additional monthly savings do you need to reach your goal of having $100,000 in three years? Assume that you will deposit the same amount at the end of every month. a. $1.831.15 b. $1.849.09 c. $1,856.02 d. $1.874.72 e. $1,880.97
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