You have $10,000 in your savings account today and you are planning to save an additional $200 per month until you have enough money to make a down payment on your dream house. The bank pays'1% interest per month on your savings, and you need $25,000 to make the down payment. How long will it take you to accumulate the $25,000? (The value of "t" is between 35 and 42 months, find the exact value.)

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To calculate how long it will take to accumulate 25000 in your savings account while making monthly ... View the full answer