At the end of 8 years, your friend wants to have $50,000 saved for a down payment
Fantastic news! We've Found the answer you've been seeking!
Question:
At the end of 8 years, your friend wants to have $50,000 saved for a down payment on a house. He expects to earn 8%—compounded monthly—on his investments over the next 8 years. How much would your friend have to put in his investment account each month to reach his goal?
(A) $188
(B) $374
(C) $392
(D) $521
Related Book For
Engineering Economy
ISBN: 978-0132554909
15th edition
Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Posted Date: