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

Algebra ->  Coordinate Systems and Linear Equations  -> Linear Equations and Systems Word Problems -> 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      Log On


   

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) About Me  (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.