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Damon is saving up money for a down payment on a house. He currently has $4412, but knows he can get a loan at a lower interest rate if he can put down $5266. If he invests the $4412 in an account that earns 4.5% annually, compounded monthly, how long will it take Damon to accumulate the $5266

Respuesta :

Answer:

47 YEARS

Explanation:

number of years = log ( FV / PV) ÷ log (1 + r)

fv = future value

pv = present value

r = interest rate = 4.5 / 12

log ($5266 / $4412)  ÷

log (1.194) / log(1.00375)

0.077 / 0.00164 = 47

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