HW 3C

Question 4

This set of problems is designed to be calculated using the Excel or financial calculator. You can also use algebraic formulas. Do not use financial tables to calculate these problems.

You plan to buy the house of your dreams in 5 years. You have estimated that the price of the house will be $60,266 at that time. You are able to make equal deposits every month at the end of the month into a savings account at an annual rate of 5.66 percent, compounded monthly. How much money should you place in this savings account every month in order to accumulate the required amount to buy the house of your dreams?

Round the answer to two decimal places.

Your Answer: