What will the cost of the vehicle

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Reference no: EM13548514

You would like to purchase a new car in 3 years.The current value of the vehicle you would like to purchseis 100000.The manufacturer of the vehicle has advised you,that the cost of the vehicle is expected to increase by 15% per annum.

What will the cost of the vehicle be at the end of three years and you want to save a equal amount at the end of each month for the next three years in order to pay cash for the new vehicle.

You can earn interest at an effective rate of 1% per month on your savings account. How much do you need to save at the end of each month for the next 3 years.

Reference no: EM13548514

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