Question

One is trying to buy a $160,000 home. They have $36,000 today that can be invested...

One is trying to buy a $160,000 home. They have $36,000 today that can be invested at your bank. The bank pays 5.50% annual interest. How long will it be before you have enough to buy the home?

A.

28.36 years

B.

27.61 years

C.

27.86 years

D.

25.86 years

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Answer #1

Please refer to below spreadsheet for calculation and answer. Cell reference also provided.

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