You want to save up for a car. How much should you put in your bank account monthly to save $13000 in 5 years if the bank pays 6% interest compounded monthly?
Added by Joaquin A.
Step 1
Future Value = Present Value * (1 + (interest rate / number of compounding periods)) ^ (number of compounding periods * number of years) Future Value = $13,000 Interest Rate = 6% or 0.06 Number of compounding periods per year = 12 (monthly compounding) Number of Show more…
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