You plan to save money for a down payment of $36,000 to purchase an apartment. You can only afford to save $6,000 at the end of every 6 months into an account that earns interest at 5.25% compounded monthly. How long will it take you to save the planned amount? 5 years (X 10 months x (X) 0 months 3|уears Express the answers in years and months, rounded to the next payment period

College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter8: Sequences, Series, And Probability
Section8.CR: Chapter Review
Problem 52E: Investment problem If Landon invests 3000 in a 6-year certificate of deposit at the annual rate of...
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You plan to save money for a down payment of $36,000 to purchase an apartment. You
can only afford to save $6,000 at the end of every 6 months into an account that earns
interest at 5.25% compounded monthly. How long will it take you to save the planned
amount?
5 years (X
10 months x
(X)
0 months
3|уears
Express the answers in years and months, rounded to the next payment period
Transcribed Image Text:You plan to save money for a down payment of $36,000 to purchase an apartment. You can only afford to save $6,000 at the end of every 6 months into an account that earns interest at 5.25% compounded monthly. How long will it take you to save the planned amount? 5 years (X 10 months x (X) 0 months 3|уears Express the answers in years and months, rounded to the next payment period
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