You plan to save money for a down payment of $44,000 to purchase an apartment. You...

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You plan to save money for a down payment of $44,000 to purchase an apartment. You can only afford to save $1,250 at the end of every quarter into an account that earns interest at 4.30% compounded annually. How long will it take you to save the planned amount? years months Express the answer in years and months, rounded to the next payment period You plan to save money for a down payment of $44,000 to purchase an apartment. You can only afford to save $1,250 at the end of every quarter into an account that earns interest at 4.30% compounded annually. How long will it take you to save the planned amount? years months Express the answer in years and months, rounded to the next payment period

Answer rating: 100% (QA)

Solution To solve this problem we can use the future value formula for compound interest FV PV 1n... View the full answer