Write an summary of your computer savings plan

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Reference no: EM133264905

Question: It's safe to say that a reliable computer is a necessity in today's world. Chances are, you are working from one right now. But let's suppose that you must purchase a new computer in the next year that will need to last you for a while. It needs to perform basic functions and any activities that you typically enjoy: gaming, streaming videos, music/video editing, etc. First, determine how much you can afford to spend on a computer if you saved to pay for it with cash. Then, take some time to research at least two computers you'd like to purchase that are within your budget.

In your research, determine the following:

Brand and style (laptop or desktop)
Price
Technical specifications for your needs
Positive and negative reviews of the computer
Determine which computer is the best option for you. Then, compare two to three retailers (sellers) for the best price. Make sure that you are comparing the same make and model of the computer.

Using complete sentences, write an short summary of the results of your research. Your summary should include a thorough description of the computer you've chosen to purchase and an explanation of why this is the best option to suit your needs. Take note of the sources you used; you'll need to cite them in your assignment.

Part Two-Develop a Savings Plan

Now that you know how much you need to save, research a savings option that will work for you. Let's say you've already saved $100. Starting with that amount, research and determine the following:

What kind of account will you use to save for your computer?
What is the interest rate of the account?
Will the account earn simple or compound interest?
How much will you add to the account every month?
Where do you intend to cut back spending in order to add to the account each month?
Considering the interest and the amount you are adding to the account every month, how long will it take you to save for your computer?
Many savings options deposit interest earned every month. To calculate the monthly interest, use the formula (account balance x interest rate) ÷ 12. For example, if you have $100 in the account and the interest rate is 1%, the monthly interest earned is ($100 x 1%) ÷ 12 = $0.08.

Using complete sentences, write an summary of your computer savings plan by answering the questions listed above. Again, include your calculations and take note of the sources you used; you'll need to cite them in your assignment.

Reference no: EM133264905

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