Intro You have $3,000 in your savings account, and want to buy a car for $20,000. Part 1 If you are not depositing any new money into your account and the interest rate on your savings account is 6% per year, how many years do you have to wait before you can buy the car? 1+ decimals

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Problem 7
Intro
You have $3,000 in your savings account, and want to buy a car for $20,000.
Part 1
If you are not depositing any new money into your account and the interest rate
on your savings account is 6% per year, how many years do you have to wait
before you can buy the car?
1+ decimals
Submit
Transcribed Image Text:Problem 7 Intro You have $3,000 in your savings account, and want to buy a car for $20,000. Part 1 If you are not depositing any new money into your account and the interest rate on your savings account is 6% per year, how many years do you have to wait before you can buy the car? 1+ decimals Submit
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