Respuesta :
Answer:
Explanation:
Current Balance (Today)= $50,000
Needed Balance = $245,000
Interest Rate = 4.30%
Let's suppose it will take n years to achieve the desired goal
$50,000 * (1+0.043)^n = $245,000
1.043^n = 245,000/50,000
1.043^n= 4.90
n = 37.75 years
So, it will take 37.75 years to save up to buy the car
After expenses and other commitments have been subtracted from income, the amount left over is considered savings. Savings are resources that would otherwise be inactive and would not be employed or expended on pleasure.
Savings accounts are quite safe, but they also provide very small investment returns.
Current Balance (Today)= $50,000
Needed Balance = $245,000
Interest Rate = 4.30%
Assume, it will take n years to achieve the desired goal.
[tex]$50,000 \times (1+0.043)^{n} = \$245,000[/tex]
[tex]1.043^{n} = \frac{245000}{50000}[/tex]
[tex]1.043^{n}[/tex]= 4.90
n = 37.75 years
Hence, it will take 37.75 years to save up to buy the car.
To know more about the calculation of the number of years to purchase the car, refer to the link below:
https://brainly.com/question/11254180
