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You are saving to buy your dream Rolex; the watch will cost $12,500. You currently have $3,500 saved in an account that earns an annual 6% return, compounded monthly. Toward your goal, you will begin to put $500 every month in that same account beginning at the end of this month. How long will it take you to save to make the purchase? Multiple Choice 2.56 years 1.39 years

You are saving to buy your dream Rolex; the watch will cost $12,500. You currently have $3,500 saved in an account that earns an annual 6% return, compounded monthly. Toward your goal, you will begin to put $500 every month in that same account beginning at the end of this month. How long will it take you to save to make the purchase? Multiple Choice 2.56 years 1.39 years

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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You are saving to buy your dream Rolex; the watch will cost $12,500. You currently have $3,500 saved in an account that earns an annual 6% return, compounded monthly. Toward your goal, you will begin to put $500 every month in that same account beginning at the end of this month. How long will it take you to save to make the purchase? Multiple Choice 2.56 years 1.39 years
Transcribed Image Text:You are saving to buy your dream Rolex; the watch will cost $12,500. You currently have $3,500 saved in an account that earns an annual 6% return, compounded monthly. Toward your goal, you will begin to put $500 every month in that same account beginning at the end of this month. How long will it take you to save to make the purchase? Multiple Choice 2.56 years 1.39 years
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