Clem is saving for a car in a bank account that pays 12 percent interest, compounded monthly. The balance is now $2300. Clem will be saving $120 per month from his salary, and once every four months (starting in four months), he adds $200 in dividends from an investment. Bank fees, currently $15 per month, are expected to increase by $2 per month, henceforth. How much will Clem have saved in two years? Click the icon to view the table of compound interest factors for discrete compounding periods when i=1%
Clem will have saved $ at the end of two years (Round to the nearest cent as needed.)