Anna wants to buy a car in two years and wants to have $10,000 for the purchase. how much will anna need to deposit today in an account that earns 5% interest per year, compounded monthly?

anna will need to deposit $
.
anna wants to buy a car in two years and wants to have $10,000 for the purchase. how much will anna need to deposit today in an account that earns 5% interest per year, compounded monthly?

anna will need to deposit $
.

the answer is 200

step-by-step explanation:

the way the question is worded, it seems to imply the $264 interest is simple interest, not compound interest.

the simple interest for 2 years is $264; the simple interest for 1 year is $132.

$132 interest on a $600 investment means an interest rate of (132/600)*100 = 22%.

the value of $200 at 22% interest compounded annually for three years is

200%281.22%29%5e3

the amount of interest is that value, minus the original $200.

saving = more money

step-by-step explanation:

if you have 100 bucks, and you want to buy a candy bar, even if you have one at home, if you choose not to buy it, you save.

~courtney

chase is right because he already been to the swings and he know how far it will be to get there

step-by-step explanation: