FAN AND MEDAL: Please Help
You decide to put $175 in a savings account to save for a $3,000 down payment on a new car. If the account has an interest rate of 3% per year and is compounded monthly, how long does it take you to earn $3,000 without depositing any additional funds?
8.0111 years
96.1332 years
93.2914 years
94.8377 years

Question

anonymous · Answer

@Albany_Goon @Afrodiddle @asib1214 @AngusV @Ali0094 @henrry123 @lex.mcgrew @LunyMoony @Legends @batman19991 @Elsa213 @EmilyD22 @misssunshinexxoxo @Keegangrace @Nicoleegilmoree @nincompoop

anonymous · Answer

@paki

anonymous · Answer

@Poppies @shadow13 @samanthagreer @spacemountain

batman19991 · Answer

umm idk sorry you might want to try mathway.com

anonymous · Answer

94.8

anonymous · Answer

because $175 * (1.0025)^N = 3000 
1.0025^N=17.1429 

 
N(ln1.0025)=ln17.1429) 
N= 1138 months
and 1138 months = 94.8 years

anonymous · Answer

Can you please help me with one more @Albany_Goon

anonymous · Answer

yea open another question