How expensive of dream car

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Reference no: EM131952840

A young graduate is planning on saving $665.00 each quarter for four years in an investment account paying 12.04% interest that is compounded quarterly. His first deposit will be made at the end of the next quarter, so this is a regular annuity. In 4 years, he also plans on being able to afford a 60-month car loan with $347.00 monthly payments at a 12.84% APR interest rate. Given the graduate’s plans, how expensive of a “dream car” will he expect to be able to purchase in four years? Answer Format: Currency: Round to: 2 decimal places.

Reference no: EM131952840

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