Jackson wants to have $18,000 available to buy a motorcycle in three years. how much should jackson save each month if he earns 5% interest, compounded monthly?

The per month which Jackson have to save for motorcycle is $1291.54

Step-by-step explanation:

Given as :

The Amount = $18000

The rate of interest compounded monthly = 5%

the Time period = 3 years

Let the principal = P

Now, From compounded monthly method

Amount = Principal ×

Or, $18000 = P ×

Or, $18000 = P × ()

∴   P = = $15498.536

So, The amount which have to save per month = = $1291.54

Hence The per month which Jackson have to save for motorcycle is $1291.54   Answer

5

step-by-step explanation:

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step-by-step explanation:

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