Time Total Amount of the Investment Total Interest Earned (years) (dollars) (dollars) 2 12,712.28 712.28 3 19,611.14 1,611.14 4 26,899.15 2,899.15 5 34,598.26 4,598.26 Peter and his wife want to buy a house, and they are planning to save $500 each month for the down payment. The table shows how much interest Peter and his wife can earn if they invest $500 each month with a 5.5% annual interes rate, compounded monthly. If the goal is to save at least $25,000 for the down payment, how long should Peter and his wife invest $500 each month? How long would it take to save $25,000 if they were to save $500 each month with no interest? (1 point) Peter and his wife should invest $500 monthly at 5.5% annual interest for 4 years. With no interest, it would take them months to save up $25,000. Check Answers