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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?
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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anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Annual 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'.

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0I know how to set it up I just dont know the solving part. to get n

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0first divide both sides by 100

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0I get 30 =(1+.02/12) ^12t

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0yes now do the parenthesis .02/12

anonymous
 one year ago
Best ResponseYou've already chosen the best response.01.00166667 30= (1.00166667)^n

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0yes, now do u know how to use logs?

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0I know how to use them, but not here. That is the confusing part

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0ok is 2042.41 one of ur options?

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Nope 170.202 years 14.3129 years 171.755 years 168.354 years

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0That is what i keep getting too though.

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0ohh i see u forgot to type in the ^12t

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0When i do that i get 170.201
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