anonymous
  • anonymous
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?
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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chestercat
  • chestercat
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anonymous
  • anonymous
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'.
anonymous
  • anonymous
I know how to set it up I just dont know the solving part. to get n
anonymous
  • anonymous
first divide both sides by 100

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More answers

anonymous
  • anonymous
I get 30 =(1+.02/12) ^12t
anonymous
  • anonymous
yes now do the parenthesis .02/12
anonymous
  • anonymous
1.00166667 30= (1.00166667)^n
anonymous
  • anonymous
yes, now do u know how to use logs?
anonymous
  • anonymous
I know how to use them, but not here. That is the confusing part
anonymous
  • anonymous
ok is 2042.41 one of ur options?
anonymous
  • anonymous
Nope 170.202 years 14.3129 years 171.755 years 168.354 years
anonymous
  • anonymous
That is what i keep getting too though.
anonymous
  • anonymous
ohh i see u forgot to type in the ^12t
anonymous
  • anonymous
30 =(1+.02/12) ^12t
anonymous
  • anonymous
When i do that i get 170.201
anonymous
  • anonymous
so its a
anonymous
  • anonymous
yes, thank you :)
anonymous
  • anonymous
yes np :)

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