Question

You decide to put $2,000 in a savings account to save for a $3,000 downpayment on a new car. If the account has an interest rate of 4% per year and is compounded monthly, how long does it take until you have $3,000 without depositing any additional funds?

Answer 1

121.862 years
12.1862 years
10.155 years
1.0155 years

Answer 2

2000 x .04 = ???

Answer 3

80

Answer 4

80 x ???? + 2000 = 3000

Answer 5

12.5

Answer 6

or
log(1.5)/log(1+.04/12) =

Answer 7

121 years

Answer 8

121/12 =

Answer 9

10

Answer 10

.08

Answer 11

121.8421525 / 12

Answer 12

you need exact

Answer 13

so do the decimals too

Answer 14

10.1535

Answer 15

now round to the nearest thousandth

Answer 16

10.155 answer

Answer 17

mhm

Answer 18

thank you