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)

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,

Where, n is no time interest applied.

Since, It is compounded monthly.

R = 2.5/12 %

n = 12T

Taking log on both sides, we get

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

step-by-step explanation: examine the two-step equation.

−  

7

4

+  

x

4

= 2

which property of operations allows you to add the same constant term to both sides?

multiplication property of equality

division property of equality

addition property of equality

subtraction property of equality

may i see the picture? it would a lot, xox