SOLUTION: you win 600 dollars in 2008 and put it in the bank to save up for a new car. if the annual interest rate is 2.2 percent compounded monthly, during which interval will your balance

Question 741269: you win 600 dollars in 2008 and put it in the bank to save up for a new car. if the annual interest rate is 2.2 percent compounded monthly, during which interval will your balance be less than 750 dollars?
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
you win 600 dollars in 2008 and put it in the bank to save up for a new car. if the annual interest rate is 2.2 percent compounded monthly, during which interval will your balance be less than 750 dollars?
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Find when it becomes $750
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750 = 600*(1 + 0.022/12)^t (t = time in months)
1.00183333^t = 750/600 = 1.25
t*log(1.0018333) = log(1.25)
t = log(1.25)/log(1.0018333)
t =~ 121.83 months
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Balance will be <$750 for 120 months = 10 years
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You can't get a new car for $750 anyway.
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