Joshua wants to accumulate $34,000 in a fund with payments of $1,100 made at the end of every month. The interest rate is 5.07% compounded monthly.
a. How many payments (rounded up to the next payment) will it take to accumulate
this amount?
33 payments
O 20 payments
O 29 payments
30 payments
b. How long will it take to accumulate this amount?
O 4 years and 6 months
O 4 years and 4 months
O 5 years and 6 months