Question

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? (3 points)


10.1101 years

119.954 years

121.321 years

134.34 years

Answer 1

After 121 years, you would have $3079.40

So 121.321 years is correct