You need 10900 for the down payment on a new car you, Financial Management

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You need 10900 for the down payment on a new car you

You need $10,900 for the down payment on a new car. You presently have $5,000 in savings for which you expect to earn 6% (annual rate, compounded monthly). If you deposit a further $500 each month to this account, how long, approximately, before you will accumulate enough to meet your down payment requirement?

a. 17.6 Years

b. 8 Months

c. 11 Months

d. 16 Months

e. 1.84 Years

Please show work AND show how to put it in the Finance Calculator

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