You want to buy your dream car 12 months from now. The car costs $30,000 today, but you believe its value will increase by 5% once you're ready to buy it.  You plan on investing each month in an account that provides a 12% annual return to purchase the car.  

How much money must you invest each month to be able to buy the car entirely with cash next year?

Answer rating: 100% (QA)

Future value of the car Current value of the car Current value of the car Increase ... View the full answer