Price of the most expensive car purchased

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Reference no: EM131014373

Josh and John (2 brothers) are each trying to save enough money to buy their own cars. Josh is planning to save $100 from every paycheck. (He is paid every 2 weeks.) John plans to put aside $150 each month but has already saved $1,500. Interest rates are currently quoted at 10%. Josh's bank compounds interest every two weeks while John's bank compounds interest monthly. At the end of 2 years they will each spend all their savings on a car. What is the price of the most expensive car purchased?

Reference no: EM131014373

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