You really want to go to the next FIFA World Cup. You estimate that there will be an "all-inclusive package" (plane ticket, match tickets, hotel nights, food and transportation) that will cost $200,000. Since it's a lot of money, you're willing to start saving for that purpose 3 years in advance. How much will you have to save each month for 3 years in a bank account that pay interest of 0.5% per month to be able to buy that package?

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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You really want to go to the next FIFA World Cup. You estimate that there will be an "all-inclusive package" (plane ticket, match tickets, hotel nights, food and transportation) that will cost $200,000. Since it's a lot of money, you're willing to start saving for that purpose 3 years in advance.

How much will you have to save each month for 3 years in a bank account that pay interest of 0.5% per month to be able to buy that package?

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