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5 August, 20:23

You decide to put 100.00 in a savings account to save for a 3000.00 down payment on a new car. If the account has an interest rate of 2% per year compounded monthly, how long will it take to earn 3000.00 without depositing additional funds?

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  1. 5 August, 22:26
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    T=[log (300/100) / log (1+0.02/12) ]/12

    T=54.98 years
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