Question: Amarjit wants to save up for a down payments on his first home. A typical starter home in his area sells for $250,000 and the

Amarjit wants to save up for a down payments on his first home. A typical starter home in his area sells for $250,000 and the bank requires a 10% down payment. If he starts making $1816 month-end contributions to an investment earning 4.75% compounded monthly, how many payments will Amarjit need to make to have the necessary down payment?

Select one:

a. 12.11

b. none

c. 10.77

d. 13.43

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