Problem
Sharpen Your Skills: Decision Making Imagine that you have decided to save $5,000 over the next two years to make the down payment on a used car. You work 20 hours each week after school and take home $127.35 after taxes. You believe you could save $30 each week during the 42 weeks of the school year. In the summer, you plan to work 40 hours each week and take home about $250. During this time you could save more. Use this information to create a savings plan to reach your goal. Which of the following types of savings accounts would you open? How much could you save during each school year? How much would you need to save during each of two summers to reach your goal? Explain your plan in several paragraphs. Possible Ways to Save
• a checking account that pays no interest
• a savings account that pays 2 percent interest
• a one-year certificate of deposit that pays 3.75 percent interest and has a minimum deposit of $500
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.