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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
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10 votes
10 votes
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?

User Fedoranimus
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11 votes
11 votes
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
User Trashman
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