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Time period

You are interested in saving to buy a new machine that costs $3,700. You can deposit $1,941 in your bank today. If your bank pays 5% annual interest on its accounts, how long will it take you to save for the new machine?
about 13 years
about 4.5 years
about 2 years

Solution Summary

The solution explains the correct alternative in respect of the time period

$2.19