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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