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

Algebra ->  Customizable Word Problem Solvers  -> Finance -> 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      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


   



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) About Me  (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) About Me  (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