Question

Linda Baer has already saved ​$ 4,624 to buy a used vehicle. Ignoring taxes and assuming...

Linda Baer has already saved ​$ 4,624 to buy a used vehicle. Ignoring taxes and assuming her money is invested in a money market account earning 5 percent compounded​ annually, how long will it take to buy a car that costs ​$ 7,173​?

0 0
Add a comment Improve this question Transcribed image text
Request Professional Answer

Request Answer!

We need at least 10 more requests to produce the answer.

0 / 10 have requested this problem solution

The more requests, the faster the answer.

Request! (Login Required)


All students who have requested the answer will be notified once they are available.
Know the answer?
Add Answer to:
Linda Baer has already saved ​$ 4,624 to buy a used vehicle. Ignoring taxes and assuming...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Similar Homework Help Questions
  • You have already saved $6775 to buy a used car. You invest this money in a...

    You have already saved $6775 to buy a used car. You invest this money in a certificate of deposit earning 0.95% APR compounded monthly. How many years will it take your account to reach your target of $7025 in order to buy the new car?

  • You have already saved $7000 to buy a used car. You invest this money in a...

    You have already saved $7000 to buy a used car. You invest this money in a certificate of deposit earning 0.65% APR compounded monthly. How many years will it take your account to reach your target of $7425 in order to buy the new car?

  • a) Gregg just turned 22 and wants to have $10,283 saved in 8 years by his...

    a) Gregg just turned 22 and wants to have $10,283 saved in 8 years by his 30th birthday. If he currently has $6,000 in a bond fund, how much interest does he need to make this happen? b) You have saved $5,000 for a used car. If you invest it in a CD (Certificate of Deposit), earning 5 percent compounded annually, how long would it take to buy a car that costs $7,755? c) Linda needs $10,000 in 4 years...

  • Julie would like to buy a house for $175,000. She has saved $10,000. She believes in...

    Julie would like to buy a house for $175,000. She has saved $10,000. She believes in paying cash for the house and would like to delay buying the house until she collects the entire amount. She can invest her money in a money market account that pays 6% per year. She also thinks she she can deposit an additional $950 every month - end into the money market account. How long will she have to collect the money before she...

  • You have saved $1,200 for a used motorcycle that has a current price of $1,500. If...

    You have saved $1,200 for a used motorcycle that has a current price of $1,500. If your money is sitting in an account earning 2.50% per year, how long will it take for this account to grow to $1,500? Note: The motorcycle's price may have changed by the time your account reaches a value of $1,500. A) 9.04 months B) 9.04 years C) 4.25 years D) 4.25 months

  • 22.) A credit card has a stated interest rate of 13.3 percent. What is the APR...

    22.) A credit card has a stated interest rate of 13.3 percent. What is the APR if interest is compounded monthly? Charming Charlies charges a daily rate of 0.03 percent (.03% or .0003) on its store credit cards. What interest rate is the company required by law to report to potential customers? Charming Charlies charges a daily rate of 0.03 percent (.03% or .0003) on its store credit cards. What is the effective annual rate it charges its customers? Curtis...

  • Sam is trying to save money to buy a new $8,500 smartphone. Sam has $5,800 that...

    Sam is trying to save money to buy a new $8,500 smartphone. Sam has $5,800 that can be invested at either Bank A or Bank B. Bank A pays monthly interest of 0.65 percent, compounded monthly on its account. Bank B pays 8 percent simple interest on its account. (a)How long does it take for having enough money for buying Sam’s smartphone at Bank A and Bank B respectively? (b)Based on your answer in part (a), which bank should Sam...

  • FINITE MATH Please show work , I’ve already have the basic fundamentals on how to do...

    FINITE MATH Please show work , I’ve already have the basic fundamentals on how to do this , so there is no need to write what you are doing, i just need help solving it so I can study . Best regards ! LONE STAR COLLEGE UNIVERSETY PARK Prof. Ivan Ramos-Medina Final Test Review Math 1324 Finite Math Solve the following exercises of Simple Interest using the formula 1. A - P(1+rt). Maria is planning to buy a used car....

  • ANSWER PART (E) ONLY! Ivana has just moved to Edmonton to take up a position in...

    ANSWER PART (E) ONLY! Ivana has just moved to Edmonton to take up a position in the provincial government, earning $72,000 a year. Edmonton is a big city, so she has decided to lease a car, as well as buy a downtown condo. She has saved some money living at home with her parents up until now. But Ivana is a bit worried about her financial affairs as she has always had trouble managing money. For example, her last credit...

  • Stephanie recently received an offer for a job that will pay her $70,000 a year (before...

    Stephanie recently received an offer for a job that will pay her $70,000 a year (before taxes). She knows that she'd like to be able to buy a new vehicle within a few years after graduating this upcoming spring. Here's some more information about Stephanie's goal: She anticipates $70,000 a year as an annual pre-tax salary (with $4,500 a month post-tax) $30,000 owed in student loans when she graduates, with a $200 monthly payment $5,000 in her savings account, which...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT