Your parents agree to pay half of the purchase price of a new car when you graduate from college. You will graduate and buy the car two years from now. You have $6,000 to invest today and can earn 5% on invested funds. If your parents match the amount of money you have in two years, what is the maximum you can spend on the new car?

Question

05-06-2021
Business

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Your parents agree to pay half of the purchase price of a new car when you graduate from college. You will graduate and buy the car two years from now. You have $6,000 to invest today and can earn 5% on invested funds. If your parents match the amount of money you have in two years, what is the maximum you can spend on the new car?

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