Able to buy a really cool new car

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Reference no: EM13729543

Bart Simpson, age 10, wants to be able to buy a really cool new car when he turns 15. His really cool car costs $16,000 today, and its cost is expected to increase 3 percent annually. Bart wants to make one deposit today (he can sell his mint-condition original Nuclear Boy comic book) into an account paying 6.9 percent annually in order to buy his car in 5 years. How much will Bart's car cost, and how much does Bart have to save today in order to buy this car at age 15?

Reference no: EM13729543

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