Mark deposits $900 at the end of each month in a savings account earning 4.5% quarterly. How soon can he buy his first car assuming that he needs $8 000 for a decent car. Select one: A. 8.52 months OB. 9 years OC. 9.06 months D. 8.76 months E. 8.86 months
Mark deposits $900 at the end of each month in a savings account earning 4.5% quarterly. How soon can he buy his first car assuming that he needs $8 000 for a decent car. Select one: A. 8.52 months OB. 9 years OC. 9.06 months D. 8.76 months E. 8.86 months
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
Problem 1PS
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Transcribed Image Text:Mark deposits $900 at the end of each month in a savings account earning 4.5% quarterly. How soon can he
buy his first car assuming that he needs $8 000 for a decent car.
Select one:
A. 8.52 months
B. 9 years
OC. 9.06 months
D. 8.76 months
OE. 8.86 months
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