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Suppose you are committed to owning a $250,000 Ferrari and you have $100,000 now. If you believe your mutual fund can achieve a 12 percent

Suppose you are committed to owning a $250,000 Ferrari and you have $100,000 now. If you believe your mutual fund can achieve a 12 percent annual rate of return and you are able to save $1000 per month, how long you will have to wait for buying the car?

A.

5.3 years
B.

3.5 years
C.

8.6 years
D.

4.7 years

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