Jensen's Shipping Wants to Expand as Soon as It Can

question 2

Multiple Choice

Jensen's Shipping wants to expand as soon as it can save $142 million.Towards that goal,the firm started saving three years ago and currently has $19.6 million saved.Starting today,the firm will add $12,000 a month to this savings account.The rate of return is 13.1 percent,compounded monthly.How long will it be from now before the company can expand?

• A)178.03 months
• B)178.07 months
• C)191.23 months
• D)191.27 months
• E)191.30 months

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Definitions:

Extended Care Facility

Institution devoted to providing medical, nursing, or custodial care for an individual over a prolonged period such as during the course of a chronic disease or the rehabilitation phase after an acute illness.

Community Outbreak

The occurrence of a disease or condition in a specific geographic area that exceeds the usual baseline level expected for that community.

Flu Shots

Vaccinations that protect against the influenza virus, recommended annually to prevent the spread of flu.

Local Playground

A public outdoor area provided for children to play, usually equipped with recreational structures such as slides and swings.