SOLUTION: Greg wants $63,250 at the of the end next 5 years,in order to enable him buy an office van. How much must he set aside each year at the prevailing interest rate of 6 percent to ach

Question 1085792: Greg wants $63,250 at the of the end next 5 years,in order to enable him buy an office van. How much must he set aside each year at the prevailing interest rate of 6 percent to achieve this.
Found 2 solutions by josmiceli, MathTherapy:
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
Use the simple interest formukla

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and

He must set aside $9,730.77 each year
for 5 years to have $63,250 at the end of 5 yrs

Answer by MathTherapy(10552) (Show Source): You can put this solution on YOUR website!
Greg wants $63,250 at the of the end next 5 years,in order to enable him buy an office van. How much must he set aside each year at the prevailing interest rate of 6 percent to achieve this.

Correct answer:
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