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anonymous

  • one year ago

I keep getting the wrong answer on this question. Help please?? 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?

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  1. anonymous
    • one year ago
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    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'.

  2. anonymous
    • one year ago
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    I know how to set it up I just dont know the solving part. to get n

  3. anonymous
    • one year ago
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    first divide both sides by 100

  4. anonymous
    • one year ago
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    I get 30 =(1+.02/12) ^12t

  5. anonymous
    • one year ago
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    yes now do the parenthesis .02/12

  6. anonymous
    • one year ago
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    1.00166667 30= (1.00166667)^n

  7. anonymous
    • one year ago
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    yes, now do u know how to use logs?

  8. anonymous
    • one year ago
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    I know how to use them, but not here. That is the confusing part

  9. anonymous
    • one year ago
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    ok is 2042.41 one of ur options?

  10. anonymous
    • one year ago
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    Nope 170.202 years 14.3129 years 171.755 years 168.354 years

  11. anonymous
    • one year ago
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    That is what i keep getting too though.

  12. anonymous
    • one year ago
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    ohh i see u forgot to type in the ^12t

  13. anonymous
    • one year ago
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    30 =(1+.02/12) ^12t

  14. anonymous
    • one year ago
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    When i do that i get 170.201

  15. anonymous
    • one year ago
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    so its a

  16. anonymous
    • one year ago
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    yes, thank you :)

  17. anonymous
    • one year ago
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    yes np :)

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