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anonymous

  • one year ago

FAN AND MEDAL: You decide to put $150 in a savings account to save for a $3,000 down payment on a new car. If the account has an interest rate of 2.5% per year and is compounded monthly, how long does it take you to earn $3,000 without depositing any additional funds? 10.1101 years 119.954 years 121.321 years 134.34 years

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  1. anonymous
    • one year ago
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    So how do we plug them in?

  2. Kash_TheSmartGuy
    • one year ago
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    Sorry, never mind, I was wrong

  3. anonymous
    • one year ago
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    How do I do this then? :(

  4. Kash_TheSmartGuy
    • one year ago
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    Here- this is the formula for compound interest. A = P (1 + r/n) ^ nt

  5. anonymous
    • one year ago
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    So how do I plug in the values?

  6. Kash_TheSmartGuy
    • one year ago
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    Sorry slove for T. T is your answer. A=150(1+0.025/12)^12(t)

  7. Kash_TheSmartGuy
    • one year ago
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    Sorry for the mistakes. I'm new to the topic!

  8. anonymous
    • one year ago
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    A=0.1325^12(t) right?

  9. Kash_TheSmartGuy
    • one year ago
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    How did you get that?

  10. Kash_TheSmartGuy
    • one year ago
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    @jim_thompson5910

  11. anonymous
    • one year ago
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    @Hero

  12. anonymous
    • one year ago
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    @Kash_TheSmartGuy I think I did it wrong the answer is A right>

  13. jim_thompson5910
    • one year ago
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    \[\Large FV = PV*\left(1+\frac{r}{n}\right)^{n*t}\] \[\Large 3000 = 150*\left(1+\frac{0.025}{12}\right)^{12*t}\] solve for t

  14. Kash_TheSmartGuy
    • one year ago
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    No idea! Completely new ti the topic.

  15. anonymous
    • one year ago
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    Can someone take me step bty step I dont know how to solve for t

  16. Kash_TheSmartGuy
    • one year ago
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    Ok now I know it..

  17. Kash_TheSmartGuy
    • one year ago
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    First solve the brackets.. division first. Divide 0.025 by 12

  18. anonymous
    • one year ago
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    480

  19. Kash_TheSmartGuy
    • one year ago
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    What? No, it's 0.00208333333

  20. Kash_TheSmartGuy
    • one year ago
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    Then add 1 to 0.00208333333

  21. Kash_TheSmartGuy
    • one year ago
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    That would be 1.00208333333

  22. anonymous
    • one year ago
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    Oh my bad, I did 12/0.025 okay so what is the next step?

  23. anonymous
    • one year ago
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    @Kash_TheSmartGuy

  24. Kash_TheSmartGuy
    • one year ago
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    @alexistheking777 , sorry for that.

  25. Kash_TheSmartGuy
    • one year ago
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    3000=150*1.00208333333*12^t

  26. Kash_TheSmartGuy
    • one year ago
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    Can you do it yourself?

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