Your dream is to buy a yacht currently valued at $300,000. You decide to put some money aside at the end of each month so you can buy your yacht without having to take out a loan. The bank guarantees an annual percentage rate of 5.1% as long as you have an account with them. If you decide to put aside $500 each month how long will it take you to buy this yacht if the current price stays the same? (Round fractional year up).
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Home » Business » Your dream is to buy a yacht currently valued at $300,000. You decide to put some money aside at the end of each month so you can buy your yacht without having to take out a loan. The bank guarantees an annual percentage rate of 5.