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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

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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.