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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
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

This Question is Closed

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0So how do we plug them in?

Kash_TheSmartGuy
 one year ago
Best ResponseYou've already chosen the best response.0Sorry, never mind, I was wrong

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0How do I do this then? :(

Kash_TheSmartGuy
 one year ago
Best ResponseYou've already chosen the best response.0Here this is the formula for compound interest. A = P (1 + r/n) ^ nt

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0So how do I plug in the values?

Kash_TheSmartGuy
 one year ago
Best ResponseYou've already chosen the best response.0Sorry slove for T. T is your answer. A=150(1+0.025/12)^12(t)

Kash_TheSmartGuy
 one year ago
Best ResponseYou've already chosen the best response.0Sorry for the mistakes. I'm new to the topic!

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0A=0.1325^12(t) right?

Kash_TheSmartGuy
 one year ago
Best ResponseYou've already chosen the best response.0How did you get that?

Kash_TheSmartGuy
 one year ago
Best ResponseYou've already chosen the best response.0@jim_thompson5910

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0@Kash_TheSmartGuy I think I did it wrong the answer is A right>

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.0\[\Large FV = PV*\left(1+\frac{r}{n}\right)^{n*t}\] \[\Large 3000 = 150*\left(1+\frac{0.025}{12}\right)^{12*t}\] solve for t

Kash_TheSmartGuy
 one year ago
Best ResponseYou've already chosen the best response.0No idea! Completely new ti the topic.

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Can someone take me step bty step I dont know how to solve for t

Kash_TheSmartGuy
 one year ago
Best ResponseYou've already chosen the best response.0Ok now I know it..

Kash_TheSmartGuy
 one year ago
Best ResponseYou've already chosen the best response.0First solve the brackets.. division first. Divide 0.025 by 12

Kash_TheSmartGuy
 one year ago
Best ResponseYou've already chosen the best response.0What? No, it's 0.00208333333

Kash_TheSmartGuy
 one year ago
Best ResponseYou've already chosen the best response.0Then add 1 to 0.00208333333

Kash_TheSmartGuy
 one year ago
Best ResponseYou've already chosen the best response.0That would be 1.00208333333

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Oh my bad, I did 12/0.025 okay so what is the next step?

Kash_TheSmartGuy
 one year ago
Best ResponseYou've already chosen the best response.0@alexistheking777 , sorry for that.

Kash_TheSmartGuy
 one year ago
Best ResponseYou've already chosen the best response.03000=150*1.00208333333*12^t

Kash_TheSmartGuy
 one year ago
Best ResponseYou've already chosen the best response.0Can you do it yourself?
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