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Question : 6. You saving money to purchase a cottage. You looking : 1006

6. You are saving money to purchase a cottage. You are looking to save $90,000 to apply as a down payment. You have $500 of disposable income that you can invest at the end of each month in a mutual fund. Assuming a rate of return of 8%, compounded semi-annually, how long will it take you to accumulate the necessary funds?