Jasica Parker would like to have $87,000 to buy a new car in 7 years. To accumulate $87,000 in 7 years, how much should she invest monthly in a sinking fund with 3% interest compounded monthly? The monthly invested payment is $. (Do not round until the final answer. Then round up to the nearest cent.)
Jasica Parker would like to have $87,000 to buy a new car in 7 years. To accumulate $87,000 in 7 years, how much should she invest monthly in a sinking fund with 3% interest compounded monthly? The monthly invested payment is $. (Do not round until the final answer. Then round up to the nearest cent.)
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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