anonymous
  • anonymous
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?
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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katieb
  • katieb
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anonymous
  • anonymous
Please help!! Will give a medal!!!
rainbow_rocks03
  • rainbow_rocks03
plz help
anonymous
  • anonymous
Do you know it? @rainbow_rocks03

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rainbow_rocks03
  • rainbow_rocks03
no sorry I don't
anonymous
  • anonymous
Do the interest on on one whole year and then just multiply until you get 3000 or more and you'll find your answer.
anonymous
  • anonymous
@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
  • anonymous
Wait now I am getting A
anonymous
  • anonymous
But I am not a 100% postive at all.
tkhunny
  • tkhunny
Can you do the first month?
anonymous
  • anonymous
@tkhunny Would you do 100 times .02?
tkhunny
  • tkhunny
.02 = 2% and is an annual rate. You need a monthly rate.
anonymous
  • anonymous
So how do I do that? @tkhunny
tkhunny
  • tkhunny
You'll kick yourself. 0.02 / 12 = 0.00166666...
anonymous
  • anonymous
hahaa! so then do I take that decimal and multipy it by something to get the years? @tkhunny
tkhunny
  • tkhunny
100 * 0.00166666 = 17ยข 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
  • anonymous
Wow I would have never gotten to that. I am not sure how to solve that. @tkhunny
anonymous
  • anonymous
@tkhunny i got it to log29(.02/12)=n

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