Zeynep wants to save money for her master's education. She will save her money in an...

 

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Zeynep wants to save money for her master's education. She will save her money in an account that pays %12 nominal interest per year compounded monthly. She is going to save 150$ each month starting from June 2023. Her parents will give her 400$ every September for her birthday. Also, she works for a project in which she will get $900 every December. She wants to save money till May 2026 (last saving will be on May 2026). Calculate the real dollar equivalency of the money that will be in the account in May 2026 if the average inflation rate is %5 per year. Zeynep wants to save money for her master's education. She will save her money in an account that pays %12 nominal interest per year compounded monthly. She is going to save 150$ each month starting from June 2023. Her parents will give her 400$ every September for her birthday. Also, she works for a project in which she will get $900 every December. She wants to save money till May 2026 (last saving will be on May 2026). Calculate the real dollar equivalency of the money that will be in the account in May 2026 if the average inflation rate is %5 per year.

Answer rating: 100% (QA)

Calculate the future value of Zeyneps monthly savings Monthly savings amount P 150 Nominal interest ... View the full answer