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Find how much should save each month to get the money needs

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Reference no: EM132935130

Problem 1: A student has a desktop computer, but it will not be useful at UVM because he needs a laptop. He plans to start in two semesters, so he has 6 months left to raise money. He considers taking out $4,500 for his machine, while the new machine will cost $25, 500. How much should he save each month to get the money he needs, if he is paid a rate of 24% per annum compounded monthly, and the deposits are made at the end of the term?

Reference no: EM132935130

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