I want to save up $5000 in 5 years. If I save 3.87% each day, how long will it take?
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Answer:
3.87% of 5000=193.5$ per day
days required=5000÷193.5
=26days
if the question didn't say 3.87 % and it was 3.87$ per day then
days required=5000/3.87
=1292 days
=approx 3.5 years
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