You plan to purchase a 2-bedroom condominium as an investment property in 3 years. You currently have $50,000 in a tax-sheltered savings account with an effective annual interest rate of 7.44%. You will need $150,000 for the down payment on the apartment and have decided to set aside a fixed amount each month into the savings account. How much do you need to set aside each month to reach your goal, assuming that the saving account will continue to pay the same interest rate?

a).2177.87 

b).2196.86 

c).2724.77 

d).2734.45

Answer rating: 100% (QA)

The correct answer is b 219686 First we calculate the future value of 50000 after three years Fo... View the full answer