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quester [9]
3 years ago
15

You decide to put $100 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% per year and is compounded monthly, how long does it take you to earn $3,000 without depositing any additional funds? a. 170.202 years
b. 14.3129 years
c. 171.755 years
d. 168.354 years
Mathematics
1 answer:
saul85 [17]3 years ago
8 0
By using the formula: 

<span>FV = PV*(1+r/n)^(n*t)

</span><span>FV = 3000
PV = 100
 r = 0.02
 n = 12
t = ?</span>

Substituting the values of the variables, I got <span>a. 170.202 years. Hope that really helps. </span>
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