You decide to replace the existing roof on your house for a, Finance Basics

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You decide to replace the existing roof on your house for a

Question: You decide to replace the existing roof on your house for a cost of $25,000. You decide to save $1,200 per month in an account that pays 4 percent annual interest, compounded monthly. In how many months would you have enough saved in the account to purchase a new roof?

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