Patricia set up a savings account for a trip that will cost $7,200 some time in the future. He will deposit $550 at the end of every six months into the account earning 5.441% compounded...


Patricia set up a savings account for a trip that will cost $7,200 some time in the future.<br>He will deposit $550 at the end of every six months into the account earning 5.441%<br>compounded semi-annually. How long, in years and months, will it take for Patricia to<br>reach his goal? Provide an explanation for<br>your<br>result.<br>Full solutions should be shown on separate sheets of paper. Submit your solutions.<br>year(s) and<br>month(s)<br>

Extracted text: Patricia set up a savings account for a trip that will cost $7,200 some time in the future. He will deposit $550 at the end of every six months into the account earning 5.441% compounded semi-annually. How long, in years and months, will it take for Patricia to reach his goal? Provide an explanation for your result. Full solutions should be shown on separate sheets of paper. Submit your solutions. year(s) and month(s)

Jun 11, 2022
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