Problem: After doing some budgeting, you estimate you'll need to save $25,000 for the first year of graduate school. You plan to save $450 per month in an account that earns 7% compounded monthly. How long will it take you to save the money you need?
- 4.02 years
- 3.73 years
- 44.66 years
- 5.36 years
- 3.94 years
- 48.24 years