SOLUTION: Please help me solve this problem:
Suppose you want to accumulate $25,000 as down payment on a house and the best you can do is to put aside $200 a month. If you deposit this a
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Suppose you want to accumulate $25,000 as down payment on a house and the best you can do is to put aside $200 a month. If you deposit this a
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Question 319235: Please help me solve this problem:
Suppose you want to accumulate $25,000 as down payment on a house and the best you can do is to put aside $200 a month. If you deposit this amount at the beginning of each month in an account that credits 0.75% interest monthly, how long will it take you to attain your goal? Answer by josmiceli(19441) (Show Source):
You can put this solution on YOUR website! Let (.75%)
After the 1st month, I have
After the 2nd month, I have
After the 3rd month, I have
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I can write the formula
where = number of months invested
Solve this using logs
it will take 646.2 months or 53.8 years
