You're trying to save to buy a new $192,000 Ferrari. You have $42,000 today that can be invested at your bank. The bank pays 5 percent annual interest on its accounts. How long will it be before you have enough to buy the car? (Do not round intermediate calculations and round your final answer to 2 decimal places, e.g., 32.16.)

Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter11: Capital Budgeting Decisions
Section: Chapter Questions
Problem 3PA: Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate...
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Provide this question solution financial Accounting

You're trying to save to buy a new $192,000 Ferrari. You
have $42,000 today that can be invested at your bank. The
bank pays 5 percent annual interest on its accounts.
How long will it be before you have enough to buy the
car? (Do not round intermediate calculations and round
your final answer to 2 decimal places, e.g., 32.16.)
Transcribed Image Text:You're trying to save to buy a new $192,000 Ferrari. You have $42,000 today that can be invested at your bank. The bank pays 5 percent annual interest on its accounts. How long will it be before you have enough to buy the car? (Do not round intermediate calculations and round your final answer to 2 decimal places, e.g., 32.16.)
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