Question
Your parents will give you a gift of $5,000 when you graduate two years from now. You are planning to deposit this money in an
Your parents will give you a gift of $5,000 when you graduate two years from now. You are planning to deposit this money in an account that earns 6.5 percent, compounded annually. Once your deposit grows to $50,000, you plan to buy a sports car. How long from now will it be until you can buy your sports car?
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Financial Management Principles and Applications
Authors: Sheridan Titman, Arthur Keown, John Martin
12th edition
133423824, 978-0133423822
