Question

a student is saving money to buy a used car. the student puts 150 monthly into a savings account that pays 3% annual interest compounded monthly. how long will it take the student to save 5000?

Answer 1

this is pre calculus 12

Answer 2

\[FV=R \left[ \left( 1+i \right)^{?}-1 \right]\div i\]

Answer 3

that is one equation

Answer 4

another is like \[PV=R \left[ 1-\left( 1+I \right)NEG ^{?}\right]\div i\]

Answer 5

i meant to put a negative exponent but couldnt do it

Answer 6

\[A_{1}=150(1+\frac{0.03}{12})\]
\[A_{2}=[150(1.0025)](1.0025)\]
\[A_{3}=[150(1.0025)^2](1.0025)\]
It's a geometric sequence.
Use Sum of a G.P
\[S_{n}=5000\]
\[5000=\frac{ a(r^n-1) }{ r-1 }\]

Answer 7

its a log and exponent question

Answer 8

logarithms

Answer 9

Just work out until youg et to the log part please

Answer 10

The log part is the easiest part you can get in any log question...

Answer 11

sub in the values of a and r please. and you have to find n

Answer 12

can you use the formulas please? i am so confused

Answer 13

\[5000=\frac{ 150(1.0025)[1.0025^n-1] }{ 0.0025 }\]
If you're so lazy to do that, then I will do it for you...
\[5000(0.0025)=150(1.0025)[1.0025^n-1]\]
\[\frac{5000(0.0025)}{150(1.0025)}=1.0025^n-1\]
\[\frac{5000(0.0025)}{150(1.0025)}+1=1.0025^n\]

Answer 14

Work out that LHS and tell me what you get as a fraction.

Answer 15

It will take the person 32 months...

Answer 16

Your equations are dodgy as h*ll.

Answer 17

It's better to use the formula for Sum of Geometric Progression than what you put up there.

Answer 18

thanks for your help. believe it or not. i got 32 but was confused because the answer said 2.3 years.. and then i realised it was 32 months converted to years.. derp

Answer 19

i can do math. i was not being lazy

Answer 20

just letting you know

Answer 21

Wouldn't know that you could do math after you put those weird equations up.

Answer 22

But if you know you can do math, then good job.

Answer 23

And if the answers say 2.3 years, then it's not 32 months. 32 months equals 2.7 years.....