You can afford monthly deposits of $210 into an account that pays 2.7% compounded monthly. How...

Question

Question

You can afford monthly deposits of $210 into an account that pays 2.7% compounded monthly. How long until you have $8,500 to buy a boat?

Type the number of months: ___

(Please square, label, or circle the answer)

Answer 1

Answer #1

Correct answer will be 138.91 Month

Detail working for your refrence

A= P(1+r)^t

8500=210(1+0.027)^t

8500/210= (1.027)^t

40.476=(1.027)^t

take log on both side

40.476=(1.027)^t

log40.476=tlog1.027

1.60720=tX0.01157

t=1.60720/0.01157=138.91 Month

Answer 2

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