You're trying to save to buy a new $$230,000$ Ferrari. You have $$41,000$ today that can be invested at your bank. The bank pays $4\mathrm{.}5$ percent annual interest on its accounts. How long will it be before you have enough to buy the car?

NOTE: In this problem there is only one cash flow $($chapter $5$ problem$).$ FV $=$ PV $(1+r{)}^t$ is the equation you use. In this problem you are solving for $t.$

Multiple Choice

$38\mathrm{.}93$ years

$39\mathrm{.}68$ years

$39\mathrm{.}43$ years

$37\mathrm{.}18$ years

$39\mathrm{.}18$ years