Time Value of Money
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You want to buy your dream car, but you are $5,000 short. If you could invest your entire savings of $2,350 at an annual interest of 12%, how long would you have to wait until you have accumulated enough money to buy the car?
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Solution Summary
The solution provides a step-by-step method that calculates the time required to accumulate an amount.
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$2, 350 x (1+0.12)^n = $5,000
(^ stands for raised to ...
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