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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?

User Wendie
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2 Answers

4 votes

Answer:

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

Explanation:


User Jooin
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7 votes
T=[(log(3000/100)/log(1+0.02/12)]/12
T==170.2 years
User Ivoronline
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