Question

Correct Me 4 Medal :3

Answer 1

Sarah knows that she needs $62,000 for a 25% down payment on a house she can afford. She found an investment that earns 1.25% interest compounding monthly. How much should she put in the account now, rounded to the nearest dollar, to ensure she has the down payment amount in 5 years?

$58,246 <--- My answer

$54,722

$17,993

$29,423

Answer 2

My work ---- http://www.wolframalpha.com/input/?i=+%2862%2C000%29%2F%281%2B%280.0125%29%2F%2812%29%29%5E%2812*5%29

Answer 3

you look to be correct in your answer.

Answer 4

Thank you ! :D