Question: How many years does it take to save $1,284 if you start with $625 and earn a 9% annual interest rate? A. 9.25 years B.

How many years does it take to save $1,284 if you start with $625 and earn a 9% annual interest rate?

A. 9.25 years

B. 8.35 years

C. 11.35 years

D. 8.50 years

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Q:

QUESTIONS How many years does it take to save $4,341 if you start with $810 and earn a 9% annual interest rate? O A. 7.52 years B. 7.57 years O C.9.25 years D.8.27 years

Q:

QUESTION 8 How many years does it take to save $4,341 if you start with $810 and earn a 9% annual interest rate? O A.7.52 years B. 7.57 years C.9.25 years D.8.27 years

Q:

After graduating in May, you received $5,000 as a graduation gift. How many years would it take for you to double your money in the stock market assuming an 8% interest rate? O 7 years 9 years 06...

Q:

QUESTION 1 How many years does it take for your money to grow to ten times its original value if the interest rate of 8% per year? QUESTION 2 Mr. Nadeem owes a total of $3,060 which includes 12%...

Q:

QUESTION 6 You are 59 years old and have a portfolio worth $900,000 in stocks and bonds. If the portfolio is projected to earn 4 percent a year. How much can you withdrew each year until your 95th...

Q:

Isaac LaFleur Industries has an ambitious plan to provide a pension plan for its one trustworthy employee Patrick March. LaFleur plans to starting saving for March's retirement on 12/31/20 and will...

Q:

Shelly Cashman Excel 2019 | Module 4: SAM Project la Final Figure 1: Loan Calculator Worksheet E F H Scenarios Loan Amount Annual Interest Rate Monthly Interest Rate Loan Period in Years Loan Period...

Q:

Time Value Personal Finance Problem Misty needs to have $15,000 in 8 years to fulfill her goal of purchasing a small sailboat. She is willing to invest a lump sum today and leave the money untouched...

Q:

Check my work This problem has three questions. Make sure to answer all three questions. For the following problem, assume that all debts and payments are incurred at the end of the month and that...

Q:

Answer the following question regarding annuities, perpetuities, loans, and bond valuation: a. You decide to save $6,000 at the end of each year for the next 13 years. If your savings earn an annual...

Q:

Neelie wants to invest a total of $33,000 into two savings accounts, one paying 6% per year in interest and the other paying 9% per year in interest. If after 1 year she wants the total interest from...

Q:

Discuss how each of the four river valley civilizations (Egypt, Mesopotamia, India, and China) utilized their geography and natural resources in building their cities. Use the following to guide your...

Q:

Should the company be concerned that Selling, general, and administrative expenses ( SG&A ) expenditures as a percentage of sales seems to be growing over time?

Q:

A loan is amortized by level payments every February 1, plus a smaller final payment. The borrower notices that the interest paid in the February 1, 2004, payment was 103.00, and the interest in the...