Question

Mika wants to save \( \$ 18,000 \) for a down-payment on a condominium. How long will it take her to reach her goal if she deposits \( \$ 400 \) at the end of each month into a savings account earning

Answer 1

45 months

Explanation:

You divide 18,000 by 400 to get how much time is needed.

18,000/400 is 45, and the period stated is in months.