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You Have $10,000 That You Can Invest in a Savings

Question 95

Multiple Choice

You have $10,000 that you can invest in a savings account that earns 7% interest,compounded annually.If you want to withdraw at least $18,000 at some point in the future,how long will you need to keep the money invested? (Future Value of $1,Present Value of $1,Future Value Annuity of $1,Present Value Annuity of $1. ) (Use appropriate factor from the PV tables.Round your final answer to nearest dollar amount. )


A) 9 years
B) 10 years
C) 11 years
D) 12 years

Correct Answer:

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