You need to save a total of $7,500 in order to buy a new motorcycle. You...

You need to save a total of $7,500 in order to buy a new motorcycle. You are starting with savings of $4,000 but will make no additional contributions. The annual interest rate is 5%. In excel compute how long you would need to wait in order to reach your goal for interest that is compounded annually, semi-annually, quarterly, monthly, weekly, and daily. Which of the following accurately depicts this calculation?

Expert Solution

jeff jeffy answered 4 months ago

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