Web Analytics
danielgerondid
Answered

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?

Verified Answer :

Aliwohaish12

T=[(log(3000/100)/log(1+0.02/12)]/12
T==170.2 years

Answer:

the exact answer is 170.202 years Just took the test and this was right!!

Step-by-step explanation:


Related Questions