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  3. 24 the moller skycar m400 is a flying car known...

Question: 24 the moller skycar m400 is a flying car known...

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2.4 The Moller Skycar M400 is a flying car known as a personal air vehicle (PAV) that is expected
to be FAA-certified by December 31, 2011. The cost is $985,000, and a $100,000 deposit will holc one of the first 100 cars. Assume a buyer pays the $885,000 balance 3 years after making the $100,000 deposit. At an interest rate of 10% per year, what is the effective total cost of the PAV in year 3?
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