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Calculating the Time Period

After doing some budgeting, you estimate you'll need to save $25,000 for the first year of graduate school. You plan to save $450 per month in an account that earns 7% compounded monthly. How long will it take you to save the money you need?

4.02 years
3.73 years
44.66 years
5.36 years
3.94 years
48.24 years

Solution Preview

Sum of annuity=S=$25000
Number of periods=n months
Rate of ...

Solution Summary

Solution calculates the time period needed to meet the given financial objective.

$2.19