Question

Jensen's Shipping wants to expand as soon as it can save $112 million. Towards that goal,...

Jensen's Shipping wants to expand as soon as it can save $112 million. Towards that goal, the firm started saving 3 years ago and currently has $38.2 million saved. Starting today, the firm will add $15,000 a month to this savings account. The rate of return is 7.1 percent, compounded monthly. How long will it be from now before the company can expand?
Selected Answer:
Answers: A.

15.39 years
B.

16.08 years
C.

15.67 years
D.

14.60 years
E.

16.52 years
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