You plan to save money for a down payment of $43,000 to purchase an apartment. You can only afford to save $6,000 at the end of every 6 months into an account that earns interest at 4.75% compounded monthly. How long will it take you to save the planned amount? years months Express the answers in years and months, rounded to the next payment period
You plan to save money for a down payment of $43,000 to purchase an apartment. You can only afford to save $6,000 at the end of every 6 months into an account that earns interest at 4.75% compounded monthly. How long will it take you to save the planned amount? years months Express the answers in years and months, rounded to the next payment period
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:You plan to save money for a down payment of $43,000 to purchase an apartment. You
can only afford to save $6,000 at the end of every 6 months into an account that earns
interest at 4.75% compounded monthly. How long will it take you to save the planned
amount?
years
months
Express the answers in years and months, rounded to the next payment period
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