Question

How long will it take you to grow your $5,000 investment in your savings account to...

How long will it take you to grow your $5,000 investment in your savings account to $12,000 for a down payment on a new sports car? Assume you can earn 1.5% annual interest per year on your savings, compounded monthly, and you make no further deposits into the account.

Multiple Choice

  • 700.81 years

  • 58.80 years

  • 4.90 years

  • 63.87 years

  • 58.40 years

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