NEED HELP WITH THIS ASAP FOR PLATO WILL MARK BRAINLIEST
Ella is planning to buy a home in six years. She’ll need to make a down payment of $20,000. She has invested $12,000 in an account earning 5% interest, compounded monthly.

Ella (Will) or (Won't) have enough money saved in six years to buy her home. It will take just over (2), (5), (8), or (10) years for Ella’s account balance to exceed $20,000.

-Ella have enough money($16,188.21) saved in six years to buy her home.

-It will take just over 10 yrs(10.24 yrs) for Ella’s account balance to exceed $20,000.

Step-by-step explanation:

#5% interest, compounded monthly, we calculate the effective annual interest rate:

The principal amount is $12,000 and the desired term is 6yrs. We calculate the compounded amount after 6yrs at :

Hence, Ella wont be able to make a down-payment at the end of 6 yrs since her investment of $16,188.21 <$20,000

To get how long she will be able to make the down-payment, we equate and make n the subject of the formula:

Hence, it will take just over 10 yrs for Ella’s account balance to exceed $20,000.

answer: i'm great at algebra

~coco

step-by-step explanation: