Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A saving account earns an interest rate 11.5% per year. I need $1,218,984.36 to make a down payment on a house. I can save $23,000
A saving account earns an interest rate 11.5% per year. I need $1,218,984.36 to make a down payment on a house. I can save $23,000 per year. How long will it take me to accumulate the $1,218,984.36? (Do not round intermediate calculations. Round your answer to 2 decimal places. Use a financial calculator or Excel.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started