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25 October, 10:02

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?

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  1. 25 October, 12:11
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    T=[ (log (3000/100) / log (1+0.02/12) ]/12

    T==170.2 years
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