You need to have 59,173 dollars to buy a new car 5 years from now. How much do you need to save at the end of each month if your savings account pays 4% per year, compounded quarterly? (note: round your answer to the nearest cent, and do not include spaces, currency signs, plus or minus signs, or commas) You Answered 1,290.51 Correct Answer 895.79 margin of error +/- 10
You need to have 59,173 dollars to buy a new car 5 years from now. How much do you need to save at the end of each month if your savings account pays 4% per year, compounded quarterly? (note: round your answer to the nearest cent, and do not include spaces, currency signs, plus or minus signs, or commas) You Answered 1,290.51 Correct Answer 895.79 margin of error +/- 10
Chapter11: Capital Budgeting Decisions
Section: Chapter Questions
Problem 8EB: You put $600 in the bank for 3 years at 15%. A. If Interest Is added at the end of the year, how...
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![You need to have 59,173 dollars to buy a new car 5 years from now. How much do you need to save at the end of each month if
your savings account pays 4% per year, compounded quarterly? (note: round your answer to the nearest cent, and do not include
spaces, currency signs, plus or minus signs, or commas)
You Answered
1,290.51
Correct Answer
895.79 margin of error +/- 10](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3d9747ea-4e67-4156-9289-0dc96263d473%2F31a6a46d-2628-48d0-9764-058b72285865%2F8hnjxy3_processed.png&w=3840&q=75)
Transcribed Image Text:You need to have 59,173 dollars to buy a new car 5 years from now. How much do you need to save at the end of each month if
your savings account pays 4% per year, compounded quarterly? (note: round your answer to the nearest cent, and do not include
spaces, currency signs, plus or minus signs, or commas)
You Answered
1,290.51
Correct Answer
895.79 margin of error +/- 10
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