sh3elsaididreag
Answered

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

B14.3129 years
C171.755 years
D168.354 years

Verified Answer :

By using the formula: 

FV = PV(1+r/n)^(nt)

FV = 3000
PV = 100
 r = 0.02
 n = 12

t = ?

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

malseiedi

Answer:

A. 170.202

Step-by-step explanation:

Just took the test

View image malseiedi

Related Questions