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Carl and Cassia need to replace a delivery van in 3 years. The cost of...

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Accounting

Carl and Cassia need to replace a delivery van in 3 years. The cost of delivery vans is $23,000 today, and is expected to grow 5% a year over the next 3 years. If Carl and Cassia have saved $4,500 towards the van already, how much per month do Carl and Cassia need to save, if they think they can earn 7% per year on their savings, to pay for the new van 3 years from now?

$528

$805

$185

$178

$223

Answer & Explanation Solved by verified expert
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