\( \definecolor{colordef}{RGB}{249,49,84} \definecolor{colorprop}{RGB}{18,102,241} \)
You currently have \(\dollar 5\,000\) saved in an account that pays \(3.8\pourcent\) p.a., compounded monthly. You want to buy a house that costs \(\dollar 100\,000\).
  • How long would it take you to save \(\dollar 100\,000\)?
    months (round to the nearest month)
  • Do you think it will be practical to wait this long before buying a house?