Faisal has $14,000 in his savings account and can save an additional $4200 per year. If interest rates are 12%, how long will it take his savings to grow to $49,000?

EBK CFIN
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ISBN:9781337671743
Author:BESLEY
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Chapter4: Time Value Of Money
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Faisal has $14,000 in his savings account and can save an additional $4200 per year. If interest rates
are 12%, how long will it take his savings to grow to $49,000?
Transcribed Image Text:Faisal has $14,000 in his savings account and can save an additional $4200 per year. If interest rates are 12%, how long will it take his savings to grow to $49,000?
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