Question: You have saved 10 000 toward a down payment on a

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?

Sale on SolutionInn
  • CreatedMarch 26, 2015
  • Files Included
Post your question