Your goal is to save up $30,000 to use as a future down payment.If you...

Your goal is to save up $30,000 to use as a future down payment. If you save $3,236 every year in an account that earns 11% annually, how long will you be saving?

Expert Solution

we have to use a financial calculator to solve this
put in calculator

FV		30,000
PV		0
I		11%
PMT		-3,236

compute N		6.74

Answer =6.74year

jeff jeffy answered 3 years ago

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