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

16.9 times 2.85

step-by-step explanation: