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How much will Bob need to save each month if he wants to buy a $30,000 car with cash in 5 years? He can earn a nominal interest rate of 10% compounded monthly. a) $2.50 b) $250.00 c) $25.00 d) $1,862.76​
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How much will Bob need to save each month if he wants to buy a $30,000 car with cash in 5 years? He can earn a nominal interest rate of 10% compounded monthly.

a) $2.50
b) $250.00
c) $25.00
d) $1,862.76​

User Richard Lusch
by
4.4k points

1 Answer

3 votes

Answer:

B

Explanation:

C is too little and D is too much

User Franck Freiburger
by
4.9k points
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