You plan to save money for a down payment of $33,000 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 6.50% 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

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section: Chapter Questions
Problem 15PT: Rachael deposits $3,600 into a retirement fund each year. The fund earns 7.5% annual interest,...
icon
Related questions
Question
You plan to save money for a down payment of $33,000 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 6.50% 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
 
 
 
Expert Solution
steps

Step by step

Solved in 3 steps with 2 images

Blurred answer
Recommended textbooks for you
College Algebra
College Algebra
Algebra
ISBN:
9781938168383
Author:
Jay Abramson
Publisher:
OpenStax
College Algebra
College Algebra
Algebra
ISBN:
9781305115545
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
Calculus For The Life Sciences
Calculus For The Life Sciences
Calculus
ISBN:
9780321964038
Author:
GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:
Pearson Addison Wesley,
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill