You can invest the money in an account that pays 5 interest, Financial Management

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You can invest the money in an account that pays 5 interest

You need to have $55,000 to purchase your dream car. You currently have $15,000. You can invest the money in an account that pays 5% interest each year. How long will it take you to have the money to purchase the car (assuming no other deposits are made to this account)?

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Financial Management: You can invest the money in an account that pays 5 interest

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