Using a Financial Calculator fill in the blanks based on the question below:

You need $10,900 for the down payment on a new car. You presently have $5,000 in savings for which you expect to earn 6% (annual rate, compounded monthly). If you deposit a further $500 each month to this account, how long, approximately, before you will accumulate enough to meet your down payment requirement?

PMT =

I/Y =

FV =

PV =

Find N =

(NOTE: N equals either: a. 17.6 Years, b. 8 Months, c. 11 Months, d. 16 Months, e. 1.84 Years)