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You've graduated from college and landed a good job. You want to replace your car, but don't want to take out a car loan. Instead,

You've graduated from college and landed a good job. You want to replace your car, but don't want to take out a car loan. Instead, you decide to invest

$100 per month in the stock market and hope to earn 6%. If the market performs as you're hoping, how many years will it take to accumulate $40,000? Ignore taxes.

Monthly Payment ($)

100

Growth Rate (%)

6

Future Value ($)

40,000

Number of Years =

Monthly Payment ($)

100

Growth Rate (%)

6

Future Value ($)

40,000

Number of Years =

(Round to two decimal places.)

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