Mario is looking to purchase a one-bedroom condo but has no savings. He sees that many are on the market in the $120,000 price range. He would like to save for a down payment of 20% and as he just returned to live with his parents, he can save $945 a month. If he can earn 6%, compounded annually, approximately how long will it take him to accumulate the required down payment? 2.5 years 3 years 3.5 years O2 years