SOLUTION: Suppose you want to save in order to purchase a new boat. Take the APR to be 7.2%. You want to have $11,000 toward the purchase of a boat in three years. How much do you need to

Question 1170054: Suppose you want to save in order to purchase a new boat. Take the APR to be 7.2%.
You want to have $11,000 toward the purchase of a boat in three years. How much do you need to deposit each month? (Round your answer to the nearest cent.)
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
11000=m(1+.072/12)^36-1/.072/12
.072/12=0.006, multiply both sides by that to clear the fraction.
66=m[(1+0.006)^36-1]
66=0.2403 m
m=$274.65 each month round at the end, not in between

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