How long will it take him to accumulate

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Thomas Nguyen currently has $9, 300 in the bank earning interest of 7 percent per year, compounded monthly. If he needs $24, 100 to purchase a car and can save an additional $100 a month stating at the end of this month, how long will it take him to accumulate the $24, 100? (Round answers to 1 decimal place,)

Number of years _______ years

Number of months _______ months

Reference no: EM131445251

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