document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=976002>Question 976002</A>: <I><SPAN STYLE=\"word-break: break-all;\"> 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? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #597677 by </B><A HREF=/tutors/aboutme.mpl?userid=FrankM><B>FrankM(1040)</B></A><img src=\"/images/stars/stars-12.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=FrankM><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=FrankM><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=597677\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> $175 * (1.0025)^N = 3000\r<BR>\n" );
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document.write( "1.0025^N=17.1429\r<BR>\n" );
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document.write( "N(ln1.0025)=ln17.1429)\r<BR>\n" );
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document.write( "N= 1138months or 94.8 years.\r<BR>\n" );
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document.write( "Note, at 3% it takes about 24 months to double one's money. 96 years is about 4 doubles or 16X. This is a 'back of napkin' method to just see if the answer makes sense. It helps if you mess up and hit the wrong keys on the calculator.  </SPAN>\n" );
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