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You want to invest $37,000 today to accumulate $41,650 to buy a car. If you can invest at an interest rate of 3% compounded annually, how many years will it take to accumulate the required amount
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17 votes
17 votes
You want to invest $37,000 today to accumulate $41,650 to buy a car. If you can invest at an interest rate of 3% compounded annually, how many years will it take to accumulate the required amount

User SteveEdson
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3.0k points

1 Answer

15 votes
15 votes

Answer:

4 years

Step-by-step explanation:

It takes 4 years to accumulate the required amount.

User Tim Tom
by
2.8k points
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