Linda baer has saved $5,000 for a previously owned vehicle. ignoring taxes and assuming her money is invested in a flexible wit

Question

lara [203]

3 years ago

13

Linda baer has saved $5,000 for a previously owned vehicle. ignoring taxes and assuming her money is invested in a flexible wit

hdrawal cd earning 5 percent compounded annually, how long will it take to buy a car that costs $7,755?

Business

1 answer:

Mumz [18] · Answer 1 · 2022-05-30T00:15:46+03:00

Mumz [18]3 years ago

4 0

The answer is 9 years

(5,000*0.05*x) + 5,000 = 7,755 <span>(5,000*0.05*x) = 2,755
250x = 2,755
x = 11.02
Since there are 12 months in a year, not ten..
(11.02*10)/12=9.1833</span><span>
and thats how you get 9</span>

Linda baer has saved ​$5,000 for a previously owned vehicle. ignoring taxes and assuming her money is invested in a flexible wit

Linda baer has saved $5,000 for a previously owned vehicle. ignoring taxes and assuming her money is invested in a flexible wit