Mathematics, 24.06.2019 18:50 2Pallie2
You decide to put $5000 in a savings account to save $6000 down payment on a new car. if the account has an interest rate of 7% per year and is compounded monthly, how long does it take until you have $6000 without depositing any additional funds?
Answers: 1
![\bf 6000=5000\left(1+\frac{0.07}{12}\right)^{12\cdot t}\implies \cfrac{6000}{5000}\approx (1.0058)^{12t}\implies \cfrac{6}{5}\approx(1.0058)^{12t} \\\\\\ \log\left( \cfrac{6}{5} \right)\approx \log[(1.0058)^{12t}]\implies \log\left( \cfrac{6}{5} \right)\approx 12t\log(1.0058) \\\\\\ \cfrac{\log\left( \frac{6}{5} \right)}{12\log(1.0058)}\approx t\implies 2.63\approx t\impliedby \textit{about 2 years, 7 months and 16 days}](/tpl/images/0012/8031/c4a2e.png)
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You decide to put $5000 in a savings account to save $6000 down payment on a new car. if the account...
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