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?

Step-by-step explanation:

we know that    

The compound interest formula is equal to  

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest  in decimal

t is Number of Time Periods  

n is the number of times interest is compounded per year

in this problem we have  

substitute in the formula above  

Applying log both sides

h df tyjgtyj ttd y ytkgfty ty

step-by-step explanation:

tyty jry j y yj yttj yhgtyj y ghyj ytthj

step-by-step explanation:

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