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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
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?
a. 17.6 Years
b. 8 Months
c. 11 Months
d. 16 Months
e. 1.84 Years
Please show work AND show how to put it in the Finance Calculator
Thanks.
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