The price of a car you want is $39,000 today. Its price is expected to increase by $1000 each year. You now have $25,000 in an investment account, which is earning 11.00% per year. How many years will it be before you have enough to buy the car without borrowing any money? (Round the final answer to three decimal places.) The time taken is determined to be 13 years.

The price of a car you want is $39,000 today. Its price is expected to increase by $1000 each year. You now have $25,000 in an investment account, which is earning 11.00% per year. How many years will it be before you have enough to buy the car without borrowing any money? (Round the final answer to three decimal places.) The time taken is determined to be 13 years.

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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