You have researched your dream around-the-world vacation and determined that the total cost of the vacation will be $21,000. You feel you can earn anAPR of 9.6 percent compounded monthly and plan to save $215 per month until you reach your goal. How many years will it be until you reach your goaland enjoy your well-deserved vacation?Multiple Choice6.04 years8.14 years6.90 years6.30 years5.57 years

PRESENT VALUE 0 PMT (MONTHLY PAYMENT) 215 INTEREST RATE (9.6%/12) 0.008 FUTURE VALUE 21000

Answered: You have researched your dream…

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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