You're trying to save to buy a new car valued at $42,650. You have $40,000 today that can be invested at your bank. The bank pays 4.2 percent annual interest on its accounts. How long will it be before you have enough to buy the car for cash

The appropriate response is "1.56 years". A further explanation is given below.

Explanation:

The given values are:

FV,

= $42,650

PV,

= $40,000

Rate of interest,

r = 4.2

i.e.,

= 0.042

As we know,

⇒

On substituting the given values, we get

⇒

⇒

⇒

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