In three years, Bernie Slight wants to have $13,000 for a down payment on a house. He is going to save some of his salaries each year for the next 4 years. At the end of each year, he will deposit the money into an account paying 8% interest. Because his salary is increasing, he plans on doubling his savings each year. How much will he need to save this first year to achieve his goal?

Answer rating: 100% (QA)

SOLUTION Lets break down the problem into smaller parts First we need to calculate how much Bernie w... View the full answer