George Robinson is a high school sophomore. He currently has $7,500 in a savings account that pays 5.97 percent annually. George plans to use his current savings plus what he can save over the next four years to buy a car. He estimates that the car will cost $12,545 in four years. How much money should George save each year if he wants to buy the car? (Round factor values to 6 decimal places, e.g. 1.521253 and the final answer to 2 decimal place e.g. 15.25.) George should save $

George Robinson is a high school sophomore. He currently has $7,500 in a savings account that pays 5.97 percent annually. George plans to use his current savings plus what he can save over the next four years to buy a car. He estimates that the car will cost $12,545 in four years. How much money should George save each year if he wants to buy the car? (Round factor values to 6 decimal places, e.g. 1.521253 and the final answer to 2 decimal place e.g. 15.25.) George should save $

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter27: Time Value Of Money (compound)

Section: Chapter Questions

Problem 6E

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Question

George Robinson is a high school sophomore. He currently has $7,500 in a savings account that pays 5.97 percent annually. George plans to use his current savings plus what he can save over the next four years to buy a car. He estimates that the car will cost $12,545 in four years. How much money should George save each year if he wants to buy the car? (Round factor values to 6 decimal places, e.g. 1.521253 and the final answer to 2 decimal place e.g. 15.25.)

George should save

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