Question
Joanie Short wants to buy a one - way ticket to Toad Suck, Arkansas. The bus ticket costs $142 but Ms. Short only has $80.
Joanie Short wants to buy a one - way ticket to Toad Suck, Arkansas. The bus ticket costs $142 but Ms. Short only has $80. If Short puts the money in an account that pays 9 percent interest compounded monthly, how many months must she wait until she has her $142 (to the nearest month)?
A) 73 months B) 75 months C) 77 months D) 79 months
Answer is C) 77 months. Could you please explain for me?
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Financial Management Core Concepts
Authors: Raymond Brooks
4th Edition
134730417, 134730410, 978-0134730417
