Question

. You’re trying to save to buy a new $170,000 Ferrari. You have $40,000 today that can be invested at your bank. The bank pays 5.3 percent annual interest on its accounts. How long will it be before you have enough to buy the car?

Answer 1

Answer:

28 Years

Explanation:

Year 1. $40,000 * 5.3% = 2.12

$40000+2.12=5.3%

The Same Way The Interest Increases Every Year For 28 Years Then Voila!

Year 28.  You End Up With 169.85 You Can Add You're Salary And Buy The Ferrari