Question

You’re trying to save to buy a new $175,000 ferrari. You have $35,000 today that can be invested at your bank. The bank pays 2. 9 percent annual interest on its accounts. How long will it be before you have enough to buy the car?

Answer 1

Approximately 56 years and 3 months because the formula to calculate this is the same formula we use for calculating future value. Hope this helps