You would like to have $35,000 in 5 years to purchase a new car. At the end of 2 years, you receive a $10,000 bonus that you will deposit immediately towards your goal of $35,000 for the new car. In addition to the bonus, how much must you save in monthly equal installments to reach your goal if your cost of capital is 9 % pa compounding monthly? (Hint: Figure out how the bonus payment affects the amount needed) Answer: $ every month (two decimal places)
