You're Trying to Save to Buy a New $160,000 Ferrari

question 23

Multiple Choice

You're trying to save to buy a new $160,000 Ferrari. You have $56,000 today that can be invested at your bank. The bank pays 6 percent annual interest on its accounts. How many years will it be before you have enough to buy the car? Assume the price of the car remains constant.

• A)16.67 years
• B)17.04 years
• C)17.41 years
• D)17.87 years
• E)18.02 years

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