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How much money should you place in the savings account

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Reference no: EM131379169

Finance: How much will each annual payment be (Using FV or PV

Question 4


You plan to buy the house of your dreams in 8 years. You have estimated that the price of the house will be $108,933 at that time. You are able to make equal deposits every month at the end of the month into a savings account at an annual rate of 5.80 percent, compounded monthly. How much money should you place in this savings account every month in order to accumulate the required amount to buy the house of your dreams?

Reference no: EM131379169

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