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Ryan's friend Dan wants to go to business school. While his father will share some of the expenses, Dan still needs to put the rest
Ryan's friend Dan wants to go to business school. While his father will share some of the expenses, Dan still needs to put the rest on his own. But Dan has no money saved for it yet. According to his calculations it will cost him $35,254 to complete the business program, including tuition,cost of living, and other expenses. He has decided to deposit $4,200 at the end of every year in a mutual fund, from which he expects to earn a 6% fixed rate of return. Approximately how long will it take for Dan to save enough money to go to business school?
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