Jacob is saving up for a down payment on a car. He plans to invest $2,000 at the end of every year for 5 years. If the interest rate on the account is 2.25% compounding annually, what is the present value of the investment?

Question

amistre64 · Answer

you have no total time frame

and at the end of every 5 years .... this isnt a very good strategy to save up for a car downpayment.

amistre64 · Answer

how much do you need to save up?  how much are you going to contribute to the account on what type of regular basis?

amistre64 · Answer

and how long are you going to make these payments?