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You decide to put 100.00 in a savings account to save for a 3000.00 down payment on a new car. If the account has an interest rate of 2% per year compounded monthly, how long will it take to earn 3000.
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You decide to put 100.00 in a savings account to save for a 3000.00 down payment on a new car. If the account has an interest rate of 2% per year compounded monthly, how long will it take to earn 3000.00 without depositing additional funds?

User Screenglow
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6 votes
T=[log(300/100)/log(1+0.02/12)]/12
T=54.98 years
User Qantik
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