Assume you want to buy Lamborghini in 10 years for $1 million. Interest rate is 6%...

Assume you want to buy Lamborghini in 10 years for $1 million. Interest rate is 6% per year. You plan to save every month to achieve your goal. How much should be the monthly saving over the next 120 months (10 years) if interest is compounded monthly?
a. $8,333
b. $6,102
c. $13,333
d. $3,333

Expert Solution

jeff jeffy answered 1 year ago

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Assume you want to buy Lamborghini in 10 years for $1 million. Interest rate is 6%...

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