1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Bezzdna [24]
3 years ago
12

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?
(I know it's 119.954 years, but I have no idea how to get that)
Mathematics
2 answers:
zheka24 [161]3 years ago
8 0
The formula is
A=p (1+r/k)^kt
A future value 3000
P present value 150
R interest rate 0.025
T time?
3000=150 (1+0.025/12)^12t
Solve for t
3000/150=(1+0.025/12)^12t
Take the log
Log (3000/150)=log (1+0.025/12)×12t
12t=Log (3000/150)÷log (1+0.025/12)
T=(log(3,000÷150)÷log(1+0.025÷12))÷12
T=119.95 years
Anna11 [10]3 years ago
7 0

Answer:

It take 119.954 years to earn $ 3000 without depositing any additional funds.

Step-by-step explanation:

Given:

Principal Amount, P = $ 150

Amount, A = $ 3000

Rate of interest, R = 2.5% compounded monthly.

To find: Time, T

We use formula of Compound interest formula,

A=P(1+\frac{R}{100})^n

Where, n is no time interest applied.

Since, It is compounded monthly.

R = 2.5/12 %

n = 12T

3000=150(1+\frac{\frac{2.5}{12}}{100})^{12T}

\frac{3000}{150}=(1+\frac{2.5}{1200})^{12T}

20=(1+\frac{2.5}{1200})^{12T}

Taking log on both sides, we get

log\,20=log\,(1+\frac{2.5}{1200})^{12T}

1.30103=12T\times\,log\,(1.002083)

T=\frac{1.30103}{12\times\,log\,(1.002083)}

T=119.954

Therefore, It take 119.954 years to earn $ 3000 without depositing any additional funds

You might be interested in
How can we best show or describe the change in position of a figure?
snow_lady [41]
HEYA ! ,HERE IS YOUR ANSWER --

We can show or describe the change in position of a figure by graph or chart .


★ hope you like it ★
6 0
3 years ago
Decide whether the rates are equivalent 30 beats per 20 seconds, 90 beats per 60 seconds. Show your work.
siniylev [52]
Ghjyhuytrdruiouyeroiufduiidfghopoiuytddfghjk
8 0
3 years ago
Read 2 more answers
Find the value of x. 8,13,x
yawa3891 [41]

Answer:

x=18

Step-by-step explanation:

<u>Key skills needed: Arithmetic Sequences, Addition</u>

1) We have a sequence of 8,13,x

2) To find the number being added every time, we do 13-8. This is 5.

3) This means x would be 13+5

4) 13+5 is 18 so x is 18.

<em>Hope you understood and have a nice day!! :D</em>

8 0
3 years ago
6+9-11:44-223=x<br> lolshhsskzhzhzhxu
nadezda [96]

Answer:

what up my guy?

Step-by-step explanation:

6 0
3 years ago
Read 2 more answers
Type the integer that makes the following subtraction sentence true for brainliest!!
Ksju [112]

Answer:59

Step-by-step explanation:

negative minus negative = positive

5 0
3 years ago
Read 2 more answers
Other questions:
  • if you buy a tv for $2000 and only make the minimum payment how long will it take you to pay off the debt and how much will the
    8·1 answer
  • Write two 5-digit addends whose sum would give an estimate of 60,000
    7·1 answer
  • Look at the picture part 1
    6·1 answer
  • the marked price of a mobile is 40% above the cost price. when it is sold allowing 30% discount on the marked price, there is a
    6·1 answer
  • How do you factor this equation?<br> 2k2+9k+9
    13·1 answer
  • I want to wrap an oatmeal container. It is round with two round bases. How much paper would I need to
    13·1 answer
  • 1
    10·1 answer
  • Each year, all final year students take a mathematics exam. It is hypothesised that the population mean score for this test is 8
    6·1 answer
  • Plz help me as soon as possible ​
    11·1 answer
  • What is the line of the equation PARALLEL to the line y=3x+4 and through the y-intercept of -6?
    6·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!