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Danni wishes to buy a new caravan valued at $35,000. Having won $18,000 from her Tatts Lotto ticket last Saturday, she is going to invest the money in a bank account which pays interest monthly at a rate of 7.3% per annum. N a. How much will Danni have to add to the account each month if she wishes to have enough saved to purchase the caravan within 18 months? Give your answer to the nearest dollar. 1% PV FV 2 7.3 18000 been will 1253155

Danni wishes to buy a new caravan valued at $35,000. Having won $18,000 from her Tatts Lotto ticket last Saturday, she is going to invest the money in a bank account which pays interest monthly at a rate of 7.3% per annum. N a. How much will Danni have to add to the account each month if she wishes to have enough saved to purchase the caravan within 18 months? Give your answer to the nearest dollar. 1% PV FV 2 7.3 18000 been will 1253155

Algebra and Trigonometry (6th Edition)
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Danni wishes to buy a new caravan valued at $35,000. Having won $18,000 from her Tatts Lotto ticket last Saturday, she is going to invest the money in a bank account which pays interest monthly at a rate of 7.3% per annum. a. How much will Danni have to add to the account each month if she wishes to have enough saved to purchase the caravan within 18 months? Give your answer to the nearest dollar. N 1% PV FV Pmt Ppy Cpy 2 7.3 18000 35000 12 tothe b. How much interest will Danni's investment earn over the 18 months? Give your answer to the nearest dollar. 198 112 MP.S.S. BED c. After 10 months, Danni has found that she can't quite afford the payments being made and wishes to reduce them to $500. How many months will it now take Danni to save the $35,000?
Transcribed Image Text:Danni wishes to buy a new caravan valued at $35,000. Having won $18,000 from her Tatts Lotto ticket last Saturday, she is going to invest the money in a bank account which pays interest monthly at a rate of 7.3% per annum. a. How much will Danni have to add to the account each month if she wishes to have enough saved to purchase the caravan within 18 months? Give your answer to the nearest dollar. N 1% PV FV Pmt Ppy Cpy 2 7.3 18000 35000 12 tothe b. How much interest will Danni's investment earn over the 18 months? Give your answer to the nearest dollar. 198 112 MP.S.S. BED c. After 10 months, Danni has found that she can't quite afford the payments being made and wishes to reduce them to $500. How many months will it now take Danni to save the $35,000?
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