Question 934002
<pre>
Let  t = duration of payment
     n = number of intervals
     r = rate
    PV = Present Value
    FV = Future Value
{{{PV = FV/(1+r/n)^(t)}}}
{{{PV = 75/(1+.03/12)^(6)}}}
{{{PV = 75/(1.0025)^6}}}
{{{PV = 75/1.015094063}}}
{{{PV = 73.88}}}
</pre>
Katy needs to place $73.88 in her savings account in order for her to buy the bicycle in 6 months.