Question: Kubb Bakery estimates it will need $198,000 at a future point to expand its production plant. At the end of each month, the profits of
Kubb Bakery estimates it will need $198,000 at a future point to expand its production plant. At the end of each month, the profits of Kubb Bakery average $20,000, of which the owner will commit 70% toward the expansion. If the savings annuity can earn 7.3% compounded quarterly, how many months will it take to raise the necessary funds? Round answer to 1 decimal place.
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