Jericho Wants to Start Saving to Purchase a House

question 2

Essay

Jericho wants to start saving to purchase a house.His goal is to save $95,000.If he deposits $56,000 into an account that pays 3.75% interest compounded daily,approximately how long will it take for his money to grow to the desired amount? Round your answer to the nearest tenth of a year.

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Definitions:

Exploring Alternatives

The process of reviewing and considering different options or courses of action before making a decision.

Idealization

The process of viewing or representing an individual, object, or idea as perfect or better than in reality.

Compensation

Payment or remuneration given for services rendered or to compensate for injuries or losses.

Denial

A defense mechanism in which a person refuses to accept reality or facts, often as a way to protect themselves from dealing with uncomfortable emotions or situations.