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Sofia must pay $ 110000 within 2 years. With this purpose she begins to save $...

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Finance

Sofia must pay $ 110000 within 2 years. With thispurpose she begins to save $ 3000 monthly for 18 consecutivemonths, earning 1.6% monthly capitalizable each month during thefirst year and 1.9% monthly capitalizable each month the rest ofthe time. Sofia wants to know how much she will have to deposit atthe end of month 20 earning 1.9% monthly capitalizable each monthto be able to obtain a total amount at 2 years equal to the amountof the debt.

Answer & Explanation Solved by verified expert
3.8 Ratings (553 Votes)
Given information Interest rate for months 112 16 Interest rate for months 1324 19 Deposits at the end of each month for 18 months 3000 Deposit at the end of month 20 x say Payment at the end of 2 years 110000 From the given information the equation can be formed as Future value of all deposits at the end of 2 years Payment at the end of 2 years Future value of all deposits at the end of 2    See Answer
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Transcribed Image Text

Sofia must pay $ 110000 within 2 years. With thispurpose she begins to save $ 3000 monthly for 18 consecutivemonths, earning 1.6% monthly capitalizable each month during thefirst year and 1.9% monthly capitalizable each month the rest ofthe time. Sofia wants to know how much she will have to deposit atthe end of month 20 earning 1.9% monthly capitalizable each monthto be able to obtain a total amount at 2 years equal to the amountof the debt.

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