Youre trying to save to buy a new $120,000 Ferrari. You have $40,000 today that can be
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You’re trying to save to buy a new $120,000 Ferrari. You have $40,000 today that can be invested at your bank. The bank pays 5.5 percent annual interest on its accounts. How long will it be before you have enough to buy the car?
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Using the compound interest formula we can calculate that it will take 21 years ...View the full answer
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Related Book For
Fundamentals Of Corporate Finance
ISBN: 9780072553079
6th Edition
Authors: Stephen A. Ross, Randolph Westerfield, Bradford D. Jordan
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