You have researched your dream around-the-world vacation and determined that the total cost of the vacation will be $20,000. You feel you can earn an APR of 9.5 percent compounded monthly and plan to save $200 per month until you reach your goal. How many years will it be until you reach your goal and enjoy your well-deserved vacation? Multiple Choice 6.16 years 8.33 years 6.43 years 7.04 years 5.69 years

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
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You have researched your dream around-the-world vacation and determined that the total cost of the vacation will be $20,000. You feel you can earn
an APR of 9.5 percent compounded monthly and plan to save $200 per month until you reach your goal. How many years will it be until you reach
your goal and enjoy your well-deserved vacation?
is awarded
Multiple Choice
Scored
6.16 years
8.33 years
6.43 years
7.04 years
5.69 years
Transcribed Image Text:You have researched your dream around-the-world vacation and determined that the total cost of the vacation will be $20,000. You feel you can earn an APR of 9.5 percent compounded monthly and plan to save $200 per month until you reach your goal. How many years will it be until you reach your goal and enjoy your well-deserved vacation? is awarded Multiple Choice Scored 6.16 years 8.33 years 6.43 years 7.04 years 5.69 years
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