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Your uncle has saved $11,492 in an account for you, and which earns an interest of 8% and the bank computes interest on
Posted: Thu May 19, 2022 11:35 am
by answerhappygod
- Your Uncle Has Saved 11 492 In An Account For You And Which Earns An Interest Of 8 And The Bank Computes Interest On 1 (40.83 KiB) Viewed 115 times
Your uncle has saved $11,492 in an account for you, and which earns an interest of 8% and the bank computes interest on this saving annually. You want to save additional $353 at the end of each month in your account for 8 years. Your money in your account earns an monthly interest rate of 1/12 of 8%. You plan to use all this money (i.e., the money you have in your account and the money in your uncle's account) to buy a luxury car 8 years later. How much money can you afford for your dream car? [Note, if your answer is $3,500,000.43, just enter 3500000.43. In