Jasica Parker would like to have $87,000 to buy a new car in 7 years. To accumulate $87,000 in 7 years, how much should she invest monthly in a sinking fund with 3% interest compounded monthly? The monthly invested payment is $. (Do not round until the final answer. Then round up to the nearest cent.)

Jasica Parker would like to have $87,000 to buy a new car in 7 years. To accumulate $87,000 in 7 years, how much should she invest monthly in a sinking fund with 3% interest compounded monthly? The monthly invested payment is $. (Do not round until the final answer. Then round up to the nearest cent.)

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 11E

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