Craig is planning for a holiday in Asia when he graduates from university in 3 years. He estimates the total cost at $8,000. He starts to make $250 monthly deposits into his savings account earning 2.4% p.a. compounded monthly. All deposits are made at the end of each month. Will he have enough money to pay for his holiday in 3 years? Round you answer to the nearest cent.

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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b) Craig is planning for a holiday in Asia when he graduates from university in 3 years. He estimates the total cost
at $8,000. He starts to make $250 monthly deposits into his savings account earning 2.4% p.a. compounded
monthly. All deposits are made at the end of each month. Will he have enough money to pay for his holiday in 3
years? Round you answer to the nearest cent.
Transcribed Image Text:b) Craig is planning for a holiday in Asia when he graduates from university in 3 years. He estimates the total cost at $8,000. He starts to make $250 monthly deposits into his savings account earning 2.4% p.a. compounded monthly. All deposits are made at the end of each month. Will he have enough money to pay for his holiday in 3 years? Round you answer to the nearest cent.
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