You are saving money to buy a house. You will need $7,473.50 to make the down payment. If you can deposit $500 per month in a savings account which pays 1% per month, how long will it take you to save the $7,473.50?
What will be an ideal response?
Answer: $7,473.50 = $500 FVIFA[1%, n periods]
14.947 = FVIFA[1%, n periods]
n = 14 months
Business
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