Mathematics, 09.08.2019 21:10 deagupta
You decide to put $2000 in a savings account to save for a $3000 down payment on a new car. if the account has an interest rate of 4% per year and is compounded monthly, how long does it take until you have $3000 without depositing any additional funds?
Answers: 1
![log(1.5)=log[(\frac{12.04}{12}})^{12t}]](/tpl/images/0173/8474/b8cdd.png)
![t=log(1.5)/[(12)log(\frac{12.04}{12})]](/tpl/images/0173/8474/13b05.png)
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You decide to put $2000 in a savings account to save for a $3000 down payment on a new car. if the a...
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