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You need to have $94,000 to purchase a new electric car. You currently have $12,000....

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Finance

You need to have $94,000 to purchase a new electric car. You currently have $12,000. You can invest the money in an account that pays 5.5% interest each year. How long will it take you to have the money to purchase the car (assuming no other deposits to this account)? You need to have $94,000 to purchase a new electric car. You currently have $12,000. You can invest the money in an account that pays 5.5% interest each year. How long will it take you to have the money to purchase the car (assuming no other deposits to this account)? You need to have $94,000 to purchase a new electric car. You currently have $12,000. You can invest the money in an account that pays 5.5% interest each year. How long will it take you to have the money to purchase the car (assuming no other deposits to this account)?

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