Stuart wishes to have $14,000 to buy a used car three years from now. he plans to accomplish this, through an account with a nominal interest rate of 3% compounded monthly, by depositing $300 at the end of each month during the first year, and q at the end of each month during the second two years. what is the smallest q that will suffice?

The smallest Q that will suffice is 409.86

Explanation:

Since Future value of payments = 14000

300*[(1 + 3%/12)^12 - 1]/3%/12*(1 + 3%/12)^24 + Q*[(1 + 3%/12)^24 - 1]/3%/12 = 14000

Q*[(1 + 3%/12)^24 - 1]/3%/12 = 14000  - 300*[(1 + 3%/12)^12 - 1]/3%/12*(1 + 3%/12)^24

Q = 409.86

Therefore, The smallest Q that will suffice is 409.86

the u.s. census bureau produces data on the population and economy nationwide. it can you to analyze the kind of people living in your neighborhood. it does not show you the market of people willing to buy your product or an existing market for your product. that will require more market research. the census bureau only gives you an insight to the demographics in your area.

answer; exemplars;