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Unformatted text preview: and increasing by $1000 over the previous year in the following years. Gas cost is estimated to be $1000 annually. If he sells the car after 5 years for $30,000, is this a good investment? Example 3 • After earning your degree, you wish to establish a scholarship fund for the Faculty of Engineering students. If your salary allows you to put aside $400 each month in a high-interest bank account with 12% interest (compounded monthly), and you intend for the scholarship to be paid out in 4 years, how much will the scholarship be worth?...
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This note was uploaded on 04/01/2012 for the course MSCI 261 taught by Professor Bonkoo during the Winter '09 term at Waterloo.
- Winter '09