Your parents will give you a gift of $5,000 when you graduate two years from now. You are planning to deposit this money in an account that earns 6.5 percent, compounded annually. Once your deposit grows to $50,000, you plan to buy a sports car. How long from now will it be until you can buy your sports car?

Answer rating: 100% (QA)

We can use the formula for compound interest to solve this problem A P1 rnn... View the full answer