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How many years must wait until will grow

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Problem 1: You wish to join a club that has an initiation fee of $40,000. You only have $23,000 available for this right now. You can invest in a fund that pays 3.5% per year. If you invest your money in this fund, how many years must you wait until it will grow to the required amount for the initiation fee? [Assume the initiation fee does not change, due to inflation or other reasons]

Reference no: EM132686704

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