eham3239
eham3239 eham3239
  • 24-04-2017
  • Mathematics
contestada

Lisa wants to have $5000 available for a down payment on a new car when she finishes her degree in four years. If her money market account has an interest rate of 3.75% compounded monthly, how much of her graduation money does she need to set aside for the car?

round 2 decimal places

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Rejaanth23
Rejaanth23 Rejaanth23
  • 24-04-2017
5000(1+0.0375/4)^4*4
 Then you should get 5804.11.
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