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You want to invest $8,100 annually beginning now in order to accumulate $39,600 for a down payment on a house. If you can invest at an interest rate of 9% compounded annually, about how many years will it take to accumulate the required amount? Multiple Choice 6 years. 5 years. 3 years

You want to invest $8,100 annually beginning now in order to accumulate $39,600 for a down payment on a house. If you can invest at an interest rate of 9% compounded annually, about how many years will it take to accumulate the required amount? Multiple Choice 6 years. 5 years. 3 years

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money
Section: Chapter Questions
Problem 9.18E
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You want to invest $8,100 annually beginning now in order to accumulate $39,600 for a down payment on a house. If you can invest at an interest rate of 9% compounded annually, about how many years will it take to accumulate the required amount? Multiple Choice 6 years. 5 years. 3 years <Prev 2 of 15 Next>
Transcribed Image Text:You want to invest $8,100 annually beginning now in order to accumulate $39,600 for a down payment on a house. If you can invest at an interest rate of 9% compounded annually, about how many years will it take to accumulate the required amount? Multiple Choice 6 years. 5 years. 3 years <Prev 2 of 15 Next>
Multiple Choice 6 years. 5 years. 3 years. 4 years. < Prev 2 or 15 #
Transcribed Image Text:Multiple Choice 6 years. 5 years. 3 years. 4 years. < Prev 2 or 15 #
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