You have researched your dream around-the-world vacation and determined that the total cost of the vacation will be $41,000. You feel you can earn an APR of 10.3 percent compounded monthly and plan to save $515 per month until you reach your goal. How many years will it be until you reach your goal and enjoy your well-deserved vacation?

Multiple Choice

5.31 years

5.80 years

5.08 years

4.69 years

6.63 years