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  • 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? A. 170.202 years B. 14.3129 years C. 171.755 years D. 168.354 years

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  1. jim_thompson5910
    • one year ago
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    Use the formula FV = PV*(1+r/n)^(n*t) the variables are FV = future value PV = present value r = interest rate n = compounding frequency t = time in years You will plug in the following FV = 3000 is the amount you want PV = 100 is the amount you have r = 0.02 n = 12 t = unknown. You are solving for this

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