An engineer planning to purchase a new $38,000 pickup truck wants to have half () of...

 

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An engineer planning to purchase a new $38,000 pickup truck wants to have half () of Ihe cost of the truck as a down payment before purchasing it. She wants to buy the truck five years from now and plans to begin saving by depositing $2000 into a savings account one year from now, and then increasing the deposit each year by a uniform amount. If the account earns interest at 6% per year, the amount she must increase her deposit each year is nearest to: a. $728 b. $3,065 C. $6,130 d. $7,682 e. $14,198 An engineer planning to purchase a new $38,000 pickup truck wants to have half () of Ihe cost of the truck as a down payment before purchasing it. She wants to buy the truck five years from now and plans to begin saving by depositing $2000 into a savings account one year from now, and then increasing the deposit each year by a uniform amount. If the account earns interest at 6% per year, the amount she must increase her deposit each year is nearest to: a. $728 b. $3,065 C. $6,130 d. $7,682 e. $14,198

Answer rating: 100% (QA)

SOLUTION Amount required in 5th year 380002 19000 ... View the full answer