Jiayi Would Like to Save for a Car That Will

question 59

Multiple Choice

Jiayi would like to save for a car that will cost her $20,000 in five years. If the current interest rate is 6% per month, how much will she need to set aside, assuming monthly compounding (assume Jiayi does not add any more money after today) ?

• A) $18,867.92
• B) $314.47
• C) $606.29
• D) $333.33

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