Tareq A.

asked • 01/11/19

If you invest your $9000 at an annual interest rate of 4%, compounded monthly, how long will it take (in years) before you can purchase the car?

FULL QUESTION: Suppose that you want to purchase a used car for $12000. You currently have $9000. If you invest your $9000 at an annual interest rate of 4%, compounded monthly, how long will it take (in years) before you can purchase the car?

**Answer is apparently not 7.2

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