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Find total interest earned

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Reference no: EM133199079

Problem:

You want to save $200 a month to buy a new car, which is estimated to cost $50, 000. You have access to an investment which earns 8% compounded monthly.

a) How many months will it take until you have at least $50, 000 in the account? What would be your total interest earned?

b) How many months will it take if you save $50 weekly instead, and the interest rate was rather 34.66% compounded weekly? What would be your total interest earned in this case?

c) Which of the two options would you choose, and why?

Reference no: EM133199079

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