Lynch Todd
06/21/2024 · High School

Rhoda is saving up money for a down payment on a condominium. She currently has \( \$ 257 \). but knows she can get a loan at a lower interest rate if she can put down \( \$ 3308 \). If she invests the \( \$ 2571 \) in an account that earns \( 4.9 \% \) annually, compounded monthly, how long will it take Rhoda to accumulate the \( \$ 3308 \) ? Round your answer to two decimal places, if necessary.

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It will take Rhoda approximately 272.56 months, or 22.71 years, to accumulate \( \$ 3308 \).

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