Question
You've graduated from college and landed a good job. You want to replace your car,...
You've graduated from college and landed a good job. You want to replace your car, but don't want to take out a car loan. Instead, you decide to invest
$500 per month in the stock market and hope to earn 9%. If the market performs as you're hoping, how many years will it take to accumulate
$15,000?
Ignore taxes.
|
Monthly Payment ($) |
500 |
|
|
Growth Rate (%) |
9 |
|
|
Future Value ($) |
15,000 |
|
|
Number of Years = |
|
Monthly Payment ($) |
500 |
|
|
Growth Rate (%) |
9 |
|
|
Future Value ($) |
15,000 |
|
|
Number of Years = |
nothing |
(Round to two decimal places.) |
Homework Answers
Answer #1
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