You have researched your dream around-the-world vacation and determined that the total cost of the vacation will be $39,000. You feel you can earn an APR of 10.5 percent compounded monthly and plan to save $485 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

• 5.82 years

• 4.70 years

• 5.10 years

• 5.34 years

• 6.70 years