Answered

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Suppose you are trying to save $20,000 to buy a used boat and you are going to deposit $5,000 today in savings account. The higher the interest rate _____.

Sagot :

facundobuzzetti

Answer:

The higher the interest rate, the lower the time required.

Explanation:

Giving the following information:

Suppose you are trying to save $20,000 to buy a used boat and you are going to deposit $5,000 today in a savings account.

The higher the interest rate, the lower the time required.

As the money invested and the future value required are fixed, the only variables are the interest rate and the time between deposit and objective.

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