My lil sis needs help, and I dont understand
Shana, who is 11, was given a gift of $10,000. She wants to buy a car that costs that amount. The price of the car is expected to increae 6% a year. A bank will pay 7% simple interest per year on $10,000 in a seven-year time deposit account. Advise her whether to buy the car now, or deposit the money and buy the car when she is 18. CLEARLY SHOW ALL OF YOUR CALCULATIONS AND EXPLAIN YOUR REASONS.
2006-08-27
08:36:50
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7 answers
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asked by
Anonymous