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Suppose you would like to save up for a boat and pay for it in cash once you have enough money. If the boat will

Suppose you would like to save up for a boat and pay for it in cash once you have enough money. If the boat will cost $50,000 and you are able to save $250 per month, how long will it take you reach your goal. Assume an APR of 13% compounded monthly.Select one:

a. About 7 years

b. About 8 years

c. About 9 years

d. About 10 years

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