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?

119.95 years

Step-by-step explanation:

The general equation is given by:

Where:

A is the initial amount, we know that the first deposit is of $150, then:

A = $150

t is the variable, in this case, is the number of years.

n =  number of times that the interest is compounded in one unit of t, because the interest is compounded monthly, we have n = 12.

r = interest rate in decimal form.

r = 2.5%/100% = 0.025

Replacing these in our equation, we get that:

Now we want to find the time such that his savings, P, are equal to $3000.

Then we need to solve the equation:

Now, remember that:

Ln(a^x) = x*ln(a)

So if we apply the natural logarithm to bot sides, we get:

So after 119.95 years you will have the $3000.

not enough information

step-by-step explanation:

we cannot know this, because the other students could have handed out 10 flyers, or they could have handed out 100. one way, the mean would go up, and another way, the mean would go down.

step-by-step explanation: