Peter and his wife want to buy a house, and they are planning to save $500 each month for the down payment. The table shows how much interest Peter and his wife can earn if they invest $500 each month with a 5.5% annual interest rate, compounded monthly. If the goal is to save at least $25,000 for the down payment, how long should Peter and his wife invest $500 each month? How long would it take to save $25,000 if they were to save $500 each month with no interest?
In the table, it is not specified for how long Peter and his wife will be investing $500 each month. Therefore, we cannot determine how long they should invest $500 each month to reach their goal.
If they were to save $500 each month with no interest, it would take them (25000/500) = 50 months to save $25,000.