Question 1193774
Moisha is saving up money for a down payment on a house.  She currently has $5579, but knows she can get a loan at a lower interest rate if she can put down $6160.  If she invests the $5579 in an account that earns 5.2% annually, compounded monthly, how long will it take Moisha to accumulate the $6160?  Round your answer to two decimal places, if necessary.
<pre>SIMPLY use the following Future Value formula for a value of $1: 
         {{{matrix(1,3, A, "=", P(1 + i/m)^(mt))}}}
     {{{matrix(3,3, "6,160", "=", "5,579"(1 + .052/12)^(12t), "6,160"/"5,579", "=", (1 + .052/12)^(12t), 880/797, "=", (1 + .052/12)^(12t))}}}
       {{{matrix(1,3, 12t, "=", log ((1 + .052/12), (880/797)))}}} ------- Converting to LOGARITHMIC form
Time, or {{{matrix(1,3, t, "=", (log ((1 + .052/12), (880/797)))/12)}}} = 1.90926384 years <font size = 4><font color = blue><b>≈ 1.91 years</font></font></b>, or approximately 1 year 10.9 months, or about 1 year and 11 months.</pre>