Faisal has $15,000 in his savings account and can save an additional $5000 per year.If interest rates are 12%,how long will it take his savings to grow to $50,000?

Question

Quizplus · Accepted Answer

C) Calculate N using TVM keys: input PV = 15,000, FV = 50,000, interest rate = 12%, PMT = $5,000; N = 4.244 years. In some calculators the PV and PMT will require a negative sign while the FV is positive.

Faisal Has $15,000 in His Savings Account and Can Save