Faisal Has $12,000 in His Savings Account and Can Save

question 42

Multiple Choice

Faisal has $12,000 in his savings account and can save an additional $3600 per year. If interest rates are 12%, how long will it take his savings to grow to $47,000?

• A) 4.3 years
• B) 6.3 years
• C) 5.3 years
• D) 7.3 years