Love Gardner
08/02/2024 · Junior High School

10. An appliance store is offering a "no money down, no interest for 2 years" special on a washer and dryer set that costs \( \$ 1300 \). How much would you have to put into an account that pays \( 3 \% / 4 \), compounded monthly on the day of the purchase, to have the entire \( \$ 1300 \) when it comes due?

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You need to invest approximately \$1,223.50 today to have \$1,300 in 2 years with 3% annual interest compounded monthly.

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