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You want to purchase a new car in 8 years and expect the car to cost 95,000$. Your bank offers a plan with a guaranteed APR of 6.5 if you make regular monthly deposits. How much should you deposit each month to end up 95,000 with $ in 8 years?You should invest $ each month.(Round the final answer to the nearest cent as needed. Round all intermediate values to seven decimal places as needed.)

Respuesta :

Use the next formula:

[tex]\begin{gathered} A=\frac{d(1+(\frac{r}{n})^{nt-1})}{\frac{r}{n}} \\ \\ A:Final\text{ }amount \\ d:deposit \\ r:rate\text{ APR \lparen in decimals\rparen} \\ n:number\text{ of times compounding per year} \\ t:\text{ time in years} \end{gathered}[/tex]

In the given situation:

[tex][/tex]

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