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QUESTION
You now have $20,000 in a mutual funds earning return of 0.6% a month (7.2% APY). You need $50,000 for a down-payment for your mortgage.
1. You now have $20,000 in a mutual funds earning return of 0.6% a month (7.2% APY). You need $50,000 for a down-payment for your mortgage. If you save an additional $500 at the end of each month, how long would it take to accumulate $50,000?
