You have already saved $6975 to buy a used car. You invest this money in a certificate of deposit earning 0.85% APR compounded monthly. How many years will it take your account to reach your target of $7375 in order to buy the new car? Your Answer: Answer
You have already saved $6975 to buy a used car. You invest this money in a certificate of deposit earning 0.85% APR compounded monthly. How many years will it take your account to reach your target of $7375 in order to buy the new car? Your Answer: Answer
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter4: Managing Your Cash And Savings
Section: Chapter Questions
Problem 7FPE: Calculating interest earned and future value of savings account. If you put 6,000 in a savings...
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Question
![You have already saved $6975 to buy a used car. You invest this money in a
certificate of deposit earning 0.85% APR compounded monthly. How many years will
it take your account to reach your target of $7375 in order to buy the new car?
Your Answer:
Answer](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2801065f-2403-4e12-8473-cc6de909c590%2F19374673-4fdd-49d9-94a5-eaaedb6ded9a%2Faa67iz_processed.jpeg&w=3840&q=75)
Transcribed Image Text:You have already saved $6975 to buy a used car. You invest this money in a
certificate of deposit earning 0.85% APR compounded monthly. How many years will
it take your account to reach your target of $7375 in order to buy the new car?
Your Answer:
Answer
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