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FinanceQ&A LibraryYou have researched your dream around-the-world vacation and determined that the total cost of the vacation will be $21,000. You feel you can earn an APR of 9.6 percent compounded monthly and plan to save $215 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 6.04 years 8.14 years 6.90 years 6.30 years 5.57 yearsStart your trial now! First week only $4.99!*arrow_forward*

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Transcribed Image Text

You have researched your dream around-the-world vacation and determined that the total cost of the vacation will be $21,000. You feel you can earn an APR of 9.6 percent compounded monthly and plan to save $215 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 6.04 years 8.14 years 6.90 years 6.30 years 5.57 years