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Thomas Nguyen currently has $12,100 in the bank earning interest of 5 percent per year, compounded monthly. If he needs $22,700 to purchase a car
Thomas Nguyen currently has $12,100 in the bank earning interest of 5 percent per year, compounded monthly. If he needs $22,700 to purchase a car and can save an additional $100 a month stating at the end of this month, how long will it take him to accumulate the $22,700? (Round answers to 1 decimal place, e.g. 52.7.)
Number of years years
Number of months months
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