SOLUTION: You decide to put $150 in a savings account to save for a $3,000 down payment on a new car. If the account has an interest rate of 2.5% per year and is compounded monthly, how long
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-> SOLUTION: You decide to put $150 in a savings account to save for a $3,000 down payment on a new car. If the account has an interest rate of 2.5% per year and is compounded monthly, how long
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Question 982833: You decide to put $150 in a savings account to save for a $3,000 down payment on a new car. If the account has an interest rate of 2.5% per year and is compounded monthly, how long does it take you to earn $3,000 without depositing any additional funds? Answer by solver91311(24713) (Show Source):
where is the future value of the investment, is the present value of the investment, is the interest rate per annum expressed as a decimal, is the number of compounding periods per year, and is the number of years.
So
If you want the number of months, or
if you want the number of years. You can do your own calculator work.
John
My calculator said it, I believe it, that settles it
