Future value
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You would like to take a cruise in six years. The cruise currently costs $4,250. You expect the price to increase by 4% annually. You can earn 5% on your savings. How much do you need to save at the end of each month so you will be able to afford your cruise in six years?
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Solution Summary
This discusses the time value of money by showing how much is needed to save each month to have a given future value.
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6 years = 60 months.
The rate of the saving each month is r=5%/12=0.05/12.
The beginning balance is $4250 and suppose you save x dollars at ...
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