Thomas Nguyen currently has $10,000 in the bank earning interest of 6 percent per year, compounded monthly.

Question:

Thomas Nguyen currently has $10,000 in the bank earning interest of 6 percent per year, compounded monthly. If he needs $25,000 to purchase a car and can save an additional $100 a month stating at the end of this month, how long will it take him to accumulate the $25,000?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Fundamentals of Corporate Finance

ISBN: 978-1118845899

3rd edition

Authors: Robert Parrino, David S. Kidwell, Thomas W. Bates

Question Posted: