You are saving to make a down payment on a house. You have $10,050 saved already, and you can afford to save an additional $5000 per year at the end of each year. If you earn 7.25% per year on your savings, how long will it take you to save $60,000?

a). 12 years 

b). 8.32 years 

c). 5.93 years 

d). 7 years

Answer rating: 100% (QA)

We use the formula AP1r100n where Afuture value Ppresent value rrate of interest ntime period Fu... View the full answer