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Using the example we had in Planning for the future. You would like to own a house in about 10 years, and your research

 

Using the example we had in Planning for the future. You would like to own a house in about 10 years, and your research in the real estate market suggest that the down payment will be about 950, 000 RMB for the type of houses you are interested in. You want to start saving money now, and you would like to open a savings account in Bank of Dreams that offers 2.5% annual interest, compounded monthly. a) How much money should you invest in your account each month? b) After doing some careful calculations, you believe it will be more realistic for you to save 5000RMB each month. How much longer will it take to reach your goal?

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