Compounding interest on investment

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Could you please show how to reach a solution for the following problem..rounding the answer to the nearest year?

You're trying to save to buy a new $170,000 Ferrari. You have $40,000 today that can be invested at your bank. The bank pays 5.3 percent interest on its accounts. how long will it be before you have enough to the buy the car?

Reference no: EM13130882

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Compounding interest on investment : You're trying to save to buy a new $170,000 Ferrari. You have $40,000 today that can be invested at your bank. The bank pays 5.3 percent interest on its accounts. how long will it be before you have enough to the buy the car?

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