SOLUTION: I need help with this problem, too. I keep getting $9,700 for 4 years as the answer but I don't think this is correct. You can afford monthly deposits of $190 into an account th

Question 454837: I need help with this problem, too. I keep getting $9,700 for 4 years as the answer but I don't think this is correct.
You can afford monthly deposits of $190 into an account that pays 3.3% compounded monthly. How long will it be until you have $9,300 to buy a boat?

Answer by richwmiller(17219) (Show Source): You can put this solution on YOUR website!
with just the deposits and no interest
190*x=9300
4.07 years with out considering interest.
After 48 months you have 9120 with no interest so 4 years is reasonable.
The question asks how long. Not how much money.

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