Your parents are saving to buy a new boat, at the price of $78,000. They have saved $46,840 which is invested at 4.9 percent annual interest. How many years will it be before they purchase the boat, assuming the price of the boat remains constant? O 9.67 years O 17.18 years O 10.66 years 12.81 years O 16.91 years
Your parents are saving to buy a new boat, at the price of $78,000. They have saved $46,840 which is invested at 4.9 percent annual interest. How many years will it be before they purchase the boat, assuming the price of the boat remains constant? O 9.67 years O 17.18 years O 10.66 years 12.81 years O 16.91 years
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 10E
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![Your parents are saving to buy a new boat, at the price of $78,000. They have saved $46,840 which is
invested at 4.9 percent annual interest. How many years will it be before they purchase the boat,
assuming the price of the boat remains constant?
9.67 years
O 17.18 years
10.66 years
O 12.81 years
O 16.91 years](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4125888e-6b82-474e-8564-181033231882%2Ff2a0d6a4-c453-452c-bad2-6577f4dd950f%2Fo3g4aj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Your parents are saving to buy a new boat, at the price of $78,000. They have saved $46,840 which is
invested at 4.9 percent annual interest. How many years will it be before they purchase the boat,
assuming the price of the boat remains constant?
9.67 years
O 17.18 years
10.66 years
O 12.81 years
O 16.91 years
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