Mark deposits $900 at the end of each month in a savings account earning 4.5% quarterly. How soon can he buy his first car assuming that he needs $8 000 for a decent car. Select one: A. 8.52 months OB. 9 years OC. 9.06 months D. 8.76 months E. 8.86 months

Mark deposits $900 at the end of each month in a savings account earning 4.5% quarterly. How soon can he buy his first car assuming that he needs $8 000 for a decent car. Select one: A. 8.52 months OB. 9 years OC. 9.06 months D. 8.76 months E. 8.86 months

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 11PROB

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Question

Mark deposits $900 at the end of each month in a savings account earning 4.5% quarterly. How soon can he
buy his first car assuming that he needs $8 000 for a decent car.
Select one:
A. 8.52 months
B. 9 years
OC. 9.06 months
D. 8.76 months
OE. 8.86 months

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