How much should he invest in the money market account


Gary Whitmore is a high school sophomore. He currently has $7,500 in a money market account paying 5.65 percent annually. He plans to use this and his savings over the next four years to buy a car at the end of his sophomore year in college. He estimates that the car will cost him $12,000 in four years. How much should he invest in the money market account every year for the next four years if he wants to achieve his target?

Request for Solution File

Ask an Expert for Answer!!
Accounting Basics: How much should he invest in the money market account
Reference No:- TGS071330

Expected delivery within 24 Hours