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How long in years and months will it take to reach target

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Question - Tom 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 $1,200 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, in years and months, will it take John to reach his target?

Reference no: EM132791377

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