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How long does alice need to wait until has saved

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Alice has $5 000 now. She wants to save $25 000 to buy her first car. She decides to put that $5 000 in an investment fund that pays an interest rate of 10% per annum (per year), compounding annually.

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Problem a) How long does Alice need to wait until she has saved $25 000?

Reference no: EM132835951

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