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How long will be from now before the company can expand

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Problem 1: Jensen's Shipping wants to expand as soon as it can save $112 million. Towards that goal, the firm started saving 3 years ago and currently has $38.2 million saved. Starting today, the firm will add $15,000 a month to this savings account. The rate of return is 7.1 percent, compounded monthly. How long will it be from now before the company can expand?

Option 1: 15.67 years

Option 2: 14.60 years

Option 3: 16.52 years

Option 4: 15.39 years

Option 5: 16.08 years

Reference no: EM132665628

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