Faisal has $12,000 in his savings account and can save an additional $3,600 at the end of each year per year. If interest rates are 12%, how long will it take his savings to grow to $47,000? 6 years O 8 years O 4 years O 2 years

Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 10E
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Faisal has $12,000 in his savings account and can save an
additional $3,600 at the end of each year per year. If interest
rates are 12%, how long will it take his savings to grow to
$47,000?
6 years
O 8 years
O 4 years
O 2 years
Transcribed Image Text:Faisal has $12,000 in his savings account and can save an additional $3,600 at the end of each year per year. If interest rates are 12%, how long will it take his savings to grow to $47,000? 6 years O 8 years O 4 years O 2 years
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