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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.
3.5 years

B.
4.7 years

C.
5.3 years

D.
8.6 years

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