## anonymous one year ago 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? • This Question is Closed 1. anonymous Use the compound interest formula $F=P \left( 1+\frac{ r }{ n } \right)^{nt}$ F = future amount,$3000 P = present amount, \$150 r = interest rate in decimal, 0.025 n = number of compoundings per year, 12 t = number of years

2. anonymous

@kaykay23

3. anonymous

how would I get the t in this situation, once I have gotten 3000=150(1.002)^12t

4. anonymous

first divide both sides by 150, then convert to a log equation.

5. anonymous

$20=(1.0020833)^{12t}$ $\log 20 = \log (1.0020833)^{12t}$ $\log 20=12t \log1.0020833$

6. anonymous

how would I go on?