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aliya0001 [1]
3 years ago
10

How much must be deposited today in an account earning 6% annually to accumulate a 20% down payment to use in purchasing a car o

ne year from now, assuming that the car's current price is $20,000, and inflation will be 4%?
Business
1 answer:
goblinko [34]3 years ago
8 0
Hi there
The price of the car after a year would be
20,000×(1+0.04)
=20,800 because of inflation

The amount of down payment is
20,800×0.2
=4,160

So you need to deposit
P=4,160÷(1+0.06)
p=3,924.5 round your answer to get
P=3925

Hope it helps
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