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Posted on Jul 31, 2024

Dominic and Andrea would like to save $ 4 0 , 0 0 0 for a down payment toward the purchase of a new home.

Dominic and Andrea would like to save $

40, 000

for a down payment toward the purchase of a new home.

If they deposit $

450

at the beginning of each month into an investment earning an annual rate of return of

9 %,

compounded monthly, approximately how long will

it take for them to accumulate the down payment?

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