document.write( "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. \n" ); document.write( "

Algebra.Com's Answer #699898 by josmiceli(19441) $\"\"$ $\"About$

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Use the simple interest formukla
\n" ); document.write( " $\"+A+=+P%2A%28+1+%2B+r%2At+%29+\"$
\n" ); document.write( " $\"+A+=+63250+\"$
\n" ); document.write( " $\"+r+=+.06+\"$
\n" ); document.write( " $\"+t+=+5+\"$
\n" ); document.write( "---------------------
\n" ); document.write( " $\"+63250+=+P%2A%28+1+%2B+.06%2A5+%29+\"$
\n" ); document.write( " $\"+63250+=+1.3P+\"$
\n" ); document.write( " $\"+P+=+48653.85+\"$
\n" ); document.write( "and
\n" ); document.write( " $\"+48653.85+%2F+5+=+9730.77+\"$
\n" ); document.write( "He must set aside $9,730.77 each year
\n" ); document.write( "for 5 years to have $63,250 at the end of 5 yrs
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