Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. you need to have $94,000 to purchase a new electri

You need to have $94,000 to purchase a new electric car. You currently have $12,000....

70.2K

Verified Solution

Question

Finance

You need to have $94,000 to purchase a new electric car. You currently have $12,000. You can invest the money in an account that pays 5.5% interest each year. How long will it take you to have the money to purchase the car (assuming no other deposits to this account)? You need to have $94,000 to purchase a new electric car. You currently have $12,000. You can invest the money in an account that pays 5.5% interest each year. How long will it take you to have the money to purchase the car (assuming no other deposits to this account)? You need to have $94,000 to purchase a new electric car. You currently have $12,000. You can invest the money in an account that pays 5.5% interest each year. How long will it take you to have the money to purchase the car (assuming no other deposits to this account)?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students