SOLUTION: Katy wants to buy a bicycle that costs $75 and will purchase it in 6 months. how much should she put in her savings account for this if she can get 3% per annum compounded monthly?

Question 934002: Katy wants to buy a bicycle that costs $75 and will purchase it in 6 months. how much should she put in her savings account for this if she can get 3% per annum compounded monthly?
Answer by ptfile(81) (Show Source): You can put this solution on YOUR website!

Let  t = duration of payment
     n = number of intervals
     r = rate
    PV = Present Value
    FV = Future Value

Katy needs to place $73.88 in her savings account in order for her to buy the bicycle in 6 months.
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