Question

Jericho wants to start saving to purchase a house. His goal is to save $95,000. If he deposits
$56,000 into an account that pays 3.75% interest compounded daily, approximately how long will
it take for his money to grow to the desired amount? Round your answer to the nearest tenth of a
year.

Answer 1

Answer:

56,128

Step-by-step explanation:

So, rounding it up to the nearest tenth would be 3.8% so, instead of 3.75% it would be 3.8%

So, you would start by multiplying 56,000 and 3.8% you would get 2,128.

Add 56,000 and 2,128 and your answer would be 56,128

Therefore your answer will be 56,128