Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 04, 2024

Youre trying to save to buy a new $190,000 Ferrari. You have $31,000 today that can be invested at your bank. The bank pays 3.8

Youre trying to save to buy a new $190,000 Ferrari. You have $31,000 today that can be invested at your bank. The bank pays 3.8 percent annual interest on its accounts.

Required: How long will it be before you have enough to buy the car? (Enter rounded answer as directed, but do not use the rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions

Question

(Appendix) PRESENTATION OF SALES REVENUE AND COST OF GOODS SOLD. The accountant for Sneva, Inc., collected the following data for 19x: LO3 REQUIRED: Assume that Sneva uses the periodic system and...

Answered: 1 week ago

Question

★★★★★

On March 1, 20Y1, Larry Kinyon established Valley Realty, which completed the following transactions during the month: a. Larry Kinyon transferred cash from a personal bank account to an account to...

Answered: 1 week ago

Question

★★★★★

Your Company is considering a new project that will require $100,000 of new equipment at the start of the project. The equipment will have a depreciable life of 10 years and will be depreciated to a...

Answered: 1 week ago

Question

★★★★★

Which statistical approach to decision making is a selection decision model in which only the applicants with the highest scores at an initial test stage go on to subsequent stages? compensatory...

Answered: 1 week ago

Question

★★★★★

An insurer has $2,500,000 in total earned premiums for the year. It experiences and pays out in one year $1,000,000 in total losses and $500,000 in underwriting expenses. As a result, under statutory...

Answered: 1 week ago

Question

★★★★★

Shakeia Duncan wants to know what home price she can afford. Her annual gross income is $ 4 6 , 8 0 0 . She owes $ 8 3 0 per month on other debts and expects her property taxes and homeowner's...

Answered: 1 week ago

Question

★★★★★

A lab orders a number of chemicals from the same supplier, with a lead time two weeks. The assistant manager of the lab must determine how much of one of these chemicals to order. Usage of the...

Answered: 1 week ago

Question

★★★★★

Spec, Inc.s stock is expected to generate a dividend and terminal value one year from now of P57.00.The stock has a beta of 1.3, the risk-free interest rate is 6 percent, and the expected return...

Answered: 1 week ago

Question

★★★★★

1. Honda is planning to introduce new electric car in 2 years. Describe your role in detail as Procurement and Purchasing Manager of Honda to ensure this product will be ready to launch in two years....

Answered: 1 week ago

Previous Question Next Question