The price of a car you want is $37,000 today. Its price is expected to increase by $1000 each year. You now have $24,500 in an investment account, which is earning 9% per year. How many years will it be before you have enough to buy the car without borrowing any money? (Use Goal Seek to determine the time taken.) The time taken is determined to be years.
The price of a car you want is $37,000 today. Its price is expected to increase by $1000 each year. You now have $24,500 in an investment account, which is earning 9% per year. How many years will it be before you have enough to buy the car without borrowing any money? (Use Goal Seek to determine the time taken.) The time taken is determined to be years.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The time taken is determined to be
years.
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