You have already saved $6950 to buy a used car. You invest this money in a...
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You have already saved $6950 to buy a used car. You invest this money in a certificate of deposit earning 0.85% APR compounded monthly. How many years will it take your account to reach your target of $7500 in order to buy the new car? You have already saved $6950 to buy a used car. You invest this money in a certificate of deposit earning 0.85% APR compounded monthly. How many years will it take your account to reach your target of $7500 in order to buy the new car?
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Effective annual interest rate 1 nominal rate number of compounding periods number of c... View the full answer
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