Albert is saving up money for a down payment on a house. He currently has $4718, but knows he can get a loan at a lower interest rate if he can put down $5323. If he invests the $4718 in an account that earns 5% annually, compounded quarterly, how long will it take Albert to accumulate the $5323? Round your answer to 2 decimal places.

Question

Albert is saving up money for a down payment on a house.  He currently has $4718, but knows he can get a loan at a lower interest rate if he can put down $5323.  If he invests the $4718 in an account that earns 5% annually, compounded quarterly, how long will it take Albert to accumulate the $5323?  Round your answer to 2 decimal places.

Henry · Answer

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