591FinanceMedium
You need Rs. 10,000 to buy a new television. If you have Rs. 6,000 to invest at 5 percent compounded annually, how long will you have to wait to buy the television?
A18.78 years
B8.42 years
C15.75 years
D10.51 years
Correct answer
D. 10.51 years
Explanation
Using financial calculator, Put PV =6000, Rate = 5%, FV, 10,000 and solve for Nper. 10.47 Close to the 10.51.