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You plan to save money for a down payment of $ 4 2 , 0 0 0 to purchase an apartment. You can only afford
You plan to save money for a down payment of $ to purchase an apartment. You can only afford to save $ at the end of every quarter into an account that earns interest at compounded annually. How long will it take you to save the planned amount?
a How many deposits will you have to make?
Round up to the next whole number
b How long will it take you to save the planned amount?
years months
Express the answer in years and months, rounded to the next payment period
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