Question

You have saved $10,000 toward a down payment on a home. The money is invested in an account earning 7% interest. You will be ready to purchase the new home once your savings account grows to $25,000.
a. Approximately how many years will it take for the account to reach $25,000?
b. If the interest rate doubles to 14%, how many years will pass before you reach your $25,000 target?


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  • CreatedMarch 26, 2015
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