Question
Malaika has saved $15,000 already to buy a home. In the future, she can save $500 per month at the end of each month in
Malaika has saved $15,000 already to buy a home. In the future, she can save $500 per month at the end of each month in a savings account. The savings account is giving her 7.25% return per year.
How many years will it take for Malaika to save $60,000 as a down payment to buy her dream house? Enter your answer in years in the following format: 1.23
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Fundamentals of Financial Management
Authors: Eugene F. Brigham, Joel F. Houston
Concise 6th Edition
324664559, 978-0324664553
