You currently have $3,400 in an investment account that returns 11% per year. How long will you

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You currently have $3,400 in an investment account that returns 11% per year. How long will you have to wait until you can make a $5,000 down payment on a new car?

Enter the following data into your calculator to solve the problem:

I/YR = 11

PV = −3,400

PMT = 0

FV = 5,000

Solve for N = 4.26 years4.07 years3.21 years3.7 years2.85 years

Related Book For answer-question

Cornerstones of Financial and Managerial Accounting

ISBN: 978-1111879044

2nd edition

Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen

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Posted Date: Mar 10, 2024 11:21 AM

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You currently have $3,400 in an investment account that returns 11% per year. How long will you

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The provided information about an 11 annual return 3400 initial investment present value 5000 desire... View the full answer

Cornerstones of Financial and Managerial Accounting

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