You decide to put $150 in a savings account to save for a $3,000 down payment on a new car. If the account has an interest rate of 2.5% per year and is compounded monthly, how long does it take you to earn $3,000 without depositing any additional funds?

10.1101 years
119.954 years
121.321 years
134.34 years

Question

You decide to put $150 in a savings account to save for a $3,000 down payment on a new car. If the account has an interest rate of 2.5% per year and is compounded monthly, how long does it take you to earn $3,000 without depositing any additional funds?

 10.1101 years
 119.954 years
 121.321 years
 134.34 years

welshfella · Answer

Amount after n yeares =  150( 1 + (0.025/12)^ 12n

sparrow2 · Answer

you should use pnt function in exel :)

gabylovesyou · Answer

idk how to solve that ... ._.

gabylovesyou · Answer

i dont have exel ._.

sparrow2 · Answer

then just insert option and see which one holds true

gabylovesyou · Answer

@sparrow2 where do i insert it ?

sparrow2 · Answer

n's place

gabylovesyou · Answer

nd im suppose to get what numbr @sparrow2

gabylovesyou · Answer

3000  ?

sparrow2 · Answer

just in sert the each option in the formula ( n's place) which welshfela wrote

sparrow2 · Answer

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