To have $25,000 to spend on a new car in five years, how much money should jill invest today at 8% compounded monthly?

a.

$5,000

b.

$16,463

c.

$16,780

d.

$20,000

 The answer is C. $16,780

Step-by-step explanation:

none of the above.

for one of the equations to be used in the process, there has to be a term in the equation since squared is .

since there is only a term in the first equation, we cannot derive a from completing the square.

solving with completing the square