anonymous
  • anonymous
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
Mathematics
jamiebookeater
  • jamiebookeater
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anonymous
  • anonymous
So how do we plug them in?
Kash_TheSmartGuy
  • Kash_TheSmartGuy
Sorry, never mind, I was wrong
anonymous
  • anonymous
How do I do this then? :(

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Kash_TheSmartGuy
  • Kash_TheSmartGuy
Here- this is the formula for compound interest. A = P (1 + r/n) ^ nt
anonymous
  • anonymous
So how do I plug in the values?
Kash_TheSmartGuy
  • Kash_TheSmartGuy
Sorry slove for T. T is your answer. A=150(1+0.025/12)^12(t)
Kash_TheSmartGuy
  • Kash_TheSmartGuy
Sorry for the mistakes. I'm new to the topic!
anonymous
  • anonymous
A=0.1325^12(t) right?
Kash_TheSmartGuy
  • Kash_TheSmartGuy
How did you get that?
Kash_TheSmartGuy
  • Kash_TheSmartGuy
anonymous
  • anonymous
anonymous
  • anonymous
@Kash_TheSmartGuy I think I did it wrong the answer is A right>
jim_thompson5910
  • jim_thompson5910
\[\Large FV = PV*\left(1+\frac{r}{n}\right)^{n*t}\] \[\Large 3000 = 150*\left(1+\frac{0.025}{12}\right)^{12*t}\] solve for t
Kash_TheSmartGuy
  • Kash_TheSmartGuy
No idea! Completely new ti the topic.
anonymous
  • anonymous
Can someone take me step bty step I dont know how to solve for t
Kash_TheSmartGuy
  • Kash_TheSmartGuy
Ok now I know it..
Kash_TheSmartGuy
  • Kash_TheSmartGuy
First solve the brackets.. division first. Divide 0.025 by 12
anonymous
  • anonymous
480
Kash_TheSmartGuy
  • Kash_TheSmartGuy
What? No, it's 0.00208333333
Kash_TheSmartGuy
  • Kash_TheSmartGuy
Then add 1 to 0.00208333333
Kash_TheSmartGuy
  • Kash_TheSmartGuy
That would be 1.00208333333
anonymous
  • anonymous
Oh my bad, I did 12/0.025 okay so what is the next step?
anonymous
  • anonymous
Kash_TheSmartGuy
  • Kash_TheSmartGuy
@alexistheking777 , sorry for that.
Kash_TheSmartGuy
  • Kash_TheSmartGuy
3000=150*1.00208333333*12^t
Kash_TheSmartGuy
  • Kash_TheSmartGuy
Can you do it yourself?

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