5.- PLEASE, PERFORM THE EXERCISE IN EXCEL AND SHOW THE FORMULAS Lourdes Escárcega Bárcenas, a concerned housewife and manager of the most famous new car dealership in town, is considering entering...

5.-

PLEASE, PERFORM THE EXERCISE IN EXCEL AND SHOW THE FORMULAS

Lourdes Escárcega Bárcenas, a concerned housewife and manager of the most famous new car dealership in town, is considering entering into a savings plan that would net her $525,000.00 to buy the car of her dreams in 4 years (future value). The plan stipulates the payment of interest at a rate of 9.75% with monthly capitalizations. What monthly amount does she have to deposit so that at the end of the term she will have enough to buy the car?

Note:

In the image, this is the original exercise, it is in Spanish, but it is easy to understand.

Very important Note:

It is necessary that you make a solution approach and then the result. Above all, to check the procedure and/or the formulas used, especially when you use excel.

Extracted text: Lourdes Escárcega Bárcenas, preocupada ama de casa y gerente de la sucursal de autos nuevos más famosa de la ciudad, está considerando entrar a un plan de ahorro que le redituaría un monto de $525,000.00 para comprarse el carro de sus sueños dentro de 4 años (valor futuro). El plan estipula el pago de intereses a una tasa del 9.75% con capitalizaciones mensuales. ¿Qué cantidad mensual tiene que depositar para que al cabo del plazo tenga para comprar el carro?