How much money would you have to deposit now in a savings

Reference no: EM13482786

A local furniture store is advertising a deal in which you buy a $3,000 dining room set and do not need to pay for two years (no interest cost is incurred).

How much money would you have to deposit now in a savings account earning 5 percent APR, compounded monthly, to pay the $3,000 bill in two years?

How much would you have to deposit in the savings account each month to be able to pay the bill?

Reference no: EM13482786

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