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Home Q & A Board Science-Related Homework Help Mathematics
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Lada Lada
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6 years ago
Momin plans to buy a house on cash instead of paying mortgage. He targets spending $400 000 on his dream house. He plans to set aside $1200 every month to reach his target. He puts his savings in a Tax Free Savings Account (TFSA) and invests them in a high risk mutual fund, which has traditionally earned 12.2% annually. How long will it take Momin to reach his target?
A) 12 years 6 months
B) 27 years 10 months
C) 24 years 9 months
D) 15 years 3 months
E) 13 years 9 months
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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