Your grandfather will sell you a piece of beachfront property for $70,000. He says the price is firm whenever you can pay him cash. You know your finances will only allow you to save $6,200 a year and you can make 7% on your investment. If you invest faithfully every year at the end of theyear, how long will it take for you to accumulate the necessary $70,000 future cash for the beachfrontproperty?

How long will it take for you to accumulate the necessary $70,000 future cash for the beachfrontproperty?