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You wish to purchase a latest car in five years for cash. Price of car today is $56,000 and you expect that price will increase by 6% per year. You plan to save for this car starting today with the deposit in your savings account, which presently has the balance of $1,800 and earns 4% compounded annually.

You familiar with that you will be receiving the inheritance of $3,500 three years from today, which you will put in your savings account for car. If you make the deposit every month for next five years starting one month from today, how much will deposit have to be in order for you to be able to pay cash for car?

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  • Category:- Basic Finance
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