AAFM Exam GLO_CWM_LVL_1 Topic 7 Question 74 Discussion

Actual exam question for AAFM's GLO_CWM_LVL_1 exam

Question #: 74
Topic #: 7

You want to take a trip overseas which costs Rs. 10 lacs. The cost is expected to remain unchanged in nominal terms. You can save annually Rs. 50000 to fulfill the desire. How long will you have to wait if your savings earn an interest rate of 12%?

A10.79 years

B11.00 years

C11.23 years

D10.99 years

Show Suggested Answer

Suggested Answer: A

by Leonida at Mar 05, 2024, 05:15 AM

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Lorrie

5 months ago

I'm leaning towards D) 10.99 years, the savings and interest rate seem to align with that timeframe

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Shawna

5 months ago

I believe it's C) 11.23 years because the interest rate will help me reach my goal faster

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Timothy

5 months ago

I disagree, I calculated it to be B) 11.00 years

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Katlyn

5 months ago

I think the answer is A) 10.79 years

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Lizette

6 months ago

I agree, the interest rate can make a big difference in reaching your savings goal.

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Wenona

6 months ago

That makes sense, it's important to consider the interest rate when calculating how long it will take to save.

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Fabiola

6 months ago

I think I would choose option A) 10.79 years. It seems like the most accurate calculation.

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Lizette

6 months ago

I know, it can be tough to save up that much money.

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Wenona

7 months ago

I can't believe the cost of the trip is so high!

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