Saving for a car or home in installments: Suppose you have $10,000 to put in a savings account now and in...
Saving for a car or home in installments: Suppose you have $10,000 to put in a savings account
now and in addition you hope to put in more money each month for the next 5 years. Investigate
bank interest rates to find the best possible savings interest rate near you compounded at a
monthly rate. Look up information on annuity and sinking funds. Figure out how much you will
need to put in the account each month for the next 5 years to have $25,000 in the account at the
end of the 5 years
Current savings account interest for td bank is 0.05%
All mathmatical calculations must be shown using compound interest formula.
Should have a written paper 1 to 3 pages explaining how everything went
11 years ago
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