Multiple Choice
Jensen's Shipping wants to expand as soon as it can save $112 million.Towards that goal,the firm started saving 3 years ago and currently has $38.2 million saved.Starting today,the firm will add $15,000 a month to this savings account.The rate of return is 7.1 percent,compounded monthly.How long will it be from now before the company can expand?
A) 14.60 years
B) 16.52 years
C) 15.67 years
D) 16.08 years
E) 15.39 years
Correct Answer:
Verified
Correct Answer:
Verified
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