A community for students.
Here's the question you clicked on:
 0 viewing
anonymous
 one year ago
You decide to put $100 in a savings account to save for a $3,000 down payment on a new car. If the account has an interest rate of 2% per year and is compounded monthly, how long does it take you to earn $3,000 without depositing any additional funds?
anonymous
 one year ago
You decide to put $100 in a savings account to save for a $3,000 down payment on a new car. If the account has an interest rate of 2% per year and is compounded monthly, how long does it take you to earn $3,000 without depositing any additional funds?

This Question is Closed

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Please help!! Will give a medal!!!

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Do you know it? @rainbow_rocks03

rainbow_rocks03
 one year ago
Best ResponseYou've already chosen the best response.0no sorry I don't

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Do the interest on on one whole year and then just multiply until you get 3000 or more and you'll find your answer.

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0@PrincessRu How do you do that? These are my answer choices. I think the third one is right. 170.202 years 14.3129 years 171.755 years 168.354 years

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Wait now I am getting A

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0But I am not a 100% postive at all.

tkhunny
 one year ago
Best ResponseYou've already chosen the best response.0Can you do the first month?

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0@tkhunny Would you do 100 times .02?

tkhunny
 one year ago
Best ResponseYou've already chosen the best response.0.02 = 2% and is an annual rate. You need a monthly rate.

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0So how do I do that? @tkhunny

tkhunny
 one year ago
Best ResponseYou've already chosen the best response.0You'll kick yourself. 0.02 / 12 = 0.00166666...

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0hahaa! so then do I take that decimal and multipy it by something to get the years? @tkhunny

tkhunny
 one year ago
Best ResponseYou've already chosen the best response.0100 * 0.00166666 = 17¢ That's just the interest. You need to accumulate all the interest and the initial deposit. Annual Interest: 0.02 Monthly Interest: 0.02 / 12 Monthly Accumulation: 1 + (0.02 / 12) You task is to see how long this takes to get to $3000 \(100 [1 + (0.02/12)]^{n} = 3000\) Use your best logarithms to solve for 'n'.

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Wow I would have never gotten to that. I am not sure how to solve that. @tkhunny

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0@tkhunny i got it to log29(.02/12)=n
Ask your own question
Sign UpFind more explanations on OpenStudy
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.