The price of a car you want is $42,000 today. Its price is expected to increase by
Question:
The price of a car you want is $42,000 today. Its price is expected to increase by $1000 each year. You now have $25,000 in an investment account, which is earning 10% per year. How many years will it be before you have enough to buy the car without borrowing any money? Solve by
(a) Trial and error,
(b) By spreadsheet.
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42000 1000n p 25000FP10n p a By trial and error Try n ...View the full answer
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