Answered: How many years will it be before you…

How many years will it be before you have enough to buy the car without borrowing any money? (Use Goal Seek to determine the time taken.)

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter17: Financial Markets

Section: Chapter Questions

Problem 6SCQ: What is the total amount of interest from a 5,000 loan after three years with a simple interest rate...

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Question

. The price of a car you want is $35,000 today. Its price is expected to increase by $1000 each year.
You now have $21,000 in an investment account, which is earning 7% per year. How many years
will it be before you have enough to buy the car without borrowing any money? (Use Goal Seek to
determine the time taken.)

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