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I now have $16,000 in the bank earning interest of 1.00% per month. I need $26,000 to make a down payment on a house. I can save an additional $100 per month. How long will it take me to accumulate the $26,000? (Do not round intermediate calculations. (Round your answer to 2 decimal places.) Use all necessary formulas.*WITHOUT USING EXCEL*

Question

I now have $16,000 in the bank earning interest of 1.00% per month. I need $26,000 to make a down payment on a house. I can save an additional $100 per month. How long will it take me to accumulate the $26,000? (Do not round intermediate calculations. (Round your answer to 2 decimal places.) Use all necessary formulas.

*WITHOUT USING EXCEL*

check_circleAnswer
Step 1

Calculation of Duration of the Investment:

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Step 2

Now calculate the Duration of the Investment:

By solving the below formula for n we get the duration of i...

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