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You just made a one-time deposit (today) of $7,500 into an account paying an interest rate...

You just made a one-time deposit (today) of $7,500 into an account paying an interest rate of 12 percent per year.
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How long will it be before you have enough in the account to buy a $28,000 car? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)
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Answer #1

rate positively ..

we have to use financial calculator to solve this
put in calculator -
FV 28000
PV -7,500
PMT 0
I 12%
Compute N       11.62
therefore answer =       11.62 year
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