You're trying to save to buy a new $170,000 Ferrari. You have $40,000 today that can...

You're trying to save to buy a new $170,000 Ferrari. You have $40,000 today that can be invested at your bank. The bank pays 5.5 percent annual interest on its accounts. How long will it be before you have enough to buy the car?

Multiple Choice

27.02 years
25.02 years
27.52 years
26.77 years
27.27 years

Expert Solution

correct answer is option 1

27.02 years

jeff jeffy answered 2 years ago

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