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Posted on Jul 13, 2024

You plan to save money for a down payment of $40,000 to purchase an apartment. You can only afford to save $1,250 at the end

You plan to save money for a down payment of $40,000 to purchase an apartment. You can only afford to save $1,250 at the end of every quarter into an account that earns interest at 4.77% compounded annually. How long will it take you to save the planned amount?

Express the answer in years and months, rounded to the next payment period

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