9. (10points). You want to buy a Kia Sorento, which costs $35,000. You dontwant to borrow and instead want to pay all cash for the car. You have $15,000 in cash now and can save $1000 per month. You can earn 6% APR (compounded monthly) on your money. How long will take you to accumulate the needed cash to buy the car? Fill in the following for this problem. Be sure to state whether you are measuring time in years, months, or something else. Period interest rate = I/Y =_____________PV = ______________FV = _________PMT = __________Final Answer: N = ________

9. (10 points). You want to buy a Kia Sorento, which costs $35,000. You don't want to borrow and instead want to pay all cash for the car. You have $15,000 in cash now and can save $1000 per month. You can earn 6% APR (compounded monthly) on your money. How long will take you to accumulate the needed cash to buy the car? Fill in the following for this problem. Be sure to state whether you are measuring time in years, months, or something else. Period interest rate = I/Y = PV = FV = PMT = Final Answer: N =