You plan to save money for a down payment of $37,000 to purchase an apartment. You can only afford to save $1,250 at the end of every quarter into an account that earns interest at 3.71% compounded annually. How long will it take you to save the planned amount? o years 0 months nd months rounded to the next payment period

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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Question 5 of 10
You plan to save money for a down payment of $37,000 to purchase an apartment. You
can only afford to save $1,250 at the end of every quarter into an account that earns
interest at 3.71% compounded annually. How long will it take you to save the planned
amount?
o years
o months
Express the answer in years and months, rounded to the next payment period
SUBMIT QUESTION
k
SU
1
O
0
SAVE PROGRESS
Transcribed Image Text:Question 5 of 10 You plan to save money for a down payment of $37,000 to purchase an apartment. You can only afford to save $1,250 at the end of every quarter into an account that earns interest at 3.71% compounded annually. How long will it take you to save the planned amount? o years o months Express the answer in years and months, rounded to the next payment period SUBMIT QUESTION k SU 1 O 0 SAVE PROGRESS
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