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Q4) You have $10,000 in your bank account today and you wish to start saving for your first car, estimated to cost $17,180 in 8 years’ time. Calculate the interest rate you would need for your savings to compound.

Q4) You have $10,000 in your bank account today and you wish to start saving for your first car, estimated to cost $17,180 in 8 years’ time. Calculate the interest rate you would need for your savings to compound.

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter11: Capital Budgeting Decisions
Section: Chapter Questions
Problem 8EA: You put $250 in the bank for S years at 12%. A. If interest is added at the end of the year, how...
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 Q4)  You have $10,000 in your bank account today and you wish to start saving for your first car, estimated to cost $17,180 in 8 years’ time. Calculate the interest rate you would need for your savings to compound.

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