Jamie wants to accumulate $44,000 in a fund with payments of $1,200 made at the end of every six months. The interest rate is 6.35% compounded semi-annually.
How many payments (rounded up to the next payment) will it take to accumulate this amount?
a. 29 payments
b. 20 payments
c. 24 payments
d. 25 payments
How long will it take to accumulate this amount?
a. 14 years and 6 months
b. 15 years and 3 months
c. 14 years and 6 months
d. 12 years and 6 months