(Answered) Kensin longs to own a maserati he can afford 40000 for a

Management Studies

Kensin longs to own a Maserati. He can afford $40,000 for a car. If this year's model sells for $135,000 and will depreciate at 10% a year, in how many years will he be able to afford this model Maserati?

Assume you have $1,000 and a place to invest it that will give you 5% compounded annually.

a. How long will it take your investment to be worth $1,500?

b. Is it worth your while to run around and find another place which will give you 5% interest compounded daily? Explain your answer.

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