Question $5$ of $10$

You plan to save money for a down payment of $$40,000$ to purchase an apartment. You can only afford to save $$1,250$ at the end of every quarter into an account that earns interest at $3\mathrm{.}16\%$ compounded annually. How long will it take you to save the planned amount?

$$ years $$ months

Express the answer in years and months, rounded to the next payment period