Jamie wants to accumulate $44,000 in a fund with payments of $1,200 made at the end of every six months. The interest rate is 6.35% compounded semi-annually.

a. How many payments (rounded up to the next payment) will it take to accumulate this amount?

29 payments

20 payments

24 payments

25 payments

How long will it take to accumulate this amount?

14 years and 6 months

15 years and 3 months

14 years and 6 months

12 years and 6 months