Question
Peter wants to buy a tablet computer with a cost of $1,200. If Peter has $950 invested today, and the annual interest rate is 6.5%,
Peter wants to buy a tablet computer with a cost of $1,200. If Peter has $950 invested today, and the annual interest rate is 6.5%, how long will Peter have to wait before he has enough money to buy the tablet computer?
a.1 year and 3 months
b.2 years and 6 months
c.3 years and 1 month
d.3 years and 7 months
e.3 years and 9 months
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Financial Management Principles and Applications
Authors: Sheridan Titman, Arthur J. Keown, John H. Martin
13th edition
134417216, 978-0134417509, 013441750X, 978-0134417219
