Carmen is acing for a new car that costs $15,000. If she puts $5000 in an account that earns 6% compounded monthly, how long will it take her to save enough money to buy the car?

it will take 18 years

Step-by-step explanation:

We would apply the formula for determining compound interest which is expressed as

A = P(1+r/n)^nt

Where

A = total amount in the account at the end of t years

r represents the interest rate.

n represents the periodic interval at which it was compounded.

P represents the principal or initial amount deposited

From the information given,

P = 5000

A = 15000

r = 6% = 6/100 = 0.06

n = 12 because it was compounded 12 times in a year.

Therefore,.

15000 = 5000(1+0.06/12)^12× t

15000/5000 = (1.005)^12t

3 = (1.005)^12t

Taking the log of both sides,

Log 3 = log (1.005)^12t

0.4771 = 12t log1.005 = 12t × 0.0022

0.0264t = 0.4771

t = 0.4771/0.0264t

t = 18

true

step-by-step explanation:

according to the national european world center, the engineering of the ford company on elon musk's flame throwers proved the globalization of the natural wallabies and therefore, results in the growth product domestication in almonds.

∡ eia and ∡ kij are congruent

step-by-step explanation: