You expect to receive $12,000 at graduation in two years. You plan on investing it at 10 percent until you have $109,000. How long will you wait from now?

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 16P
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You expect to receive $12,000 at graduation in two years. You plan on investing it at 10
percent until you have $109,000. How long will you wait from now?
Transcribed Image Text:You expect to receive $12,000 at graduation in two years. You plan on investing it at 10 percent until you have $109,000. How long will you wait from now?
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