SOLUTION: Greg wants $63,250 at the end of the next five years 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 t

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Question 1085803: Greg wants $63,250 at the end of the next five years 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 addingup, MathTherapy:
Answer by addingup(3677)   (Show Source): You can put this solution on YOUR website!
63,250(0.06/((1+0.06)^(5))-1) = 11,220.55
Answer by MathTherapy(10552)   (Show Source): You can put this solution on YOUR website!

Greg wants $63,250 at the end of the next five years 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. 
Duplicate! See Money_Word_Problems/1085792 

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