Andrew is saving up money for a down payment on a car. He currently has $3355, but knows he can get a loan at a lower interest rate if he can put down $4045. If he invests the $3355 in an account that earns 3.7% annually, compounded monthly, how long will it take Andrew to accumulate the $4045? Round your answer to two decimal places, if necessary.

Answer:

5.06 years or 60.75 months

Step-by-step explanation:

Compound interest formula:

[tex]AV=PV(1+\frac{i}{n})^{n*t}\\4045=3355(1+\frac{.037}{12})^{12t}\\1.025=(1.003)^{12t}\\log1.025_{1.003}=12t\\60.75=12t\\5.062[/tex]

5.06 years or 60.75 months

It will take Andrew  5 years to accumulate $4045 by investing $3355 in an account that earns 3.7% annually, compounded monthly.

percentage, a relative value indicating hundredth parts of any quantity.

We can use the formula for compound interest to solve this problem:

[tex]A = P(1 + r/n)^(^n^t^)[/tex]

where:

A is the amount of money at the end of the investment period

P is the principal amount (initial investment)

r is the annual interest rate (as a decimal)

n is the number of times the interest is compounded per year

t is the time (in years) of the investment period

In this case, we want to solve for t. We know that:

P = $3355

r = 0.037 (3.7% as a decimal)

n = 12 (compounded monthly)

A = $4045

Substituting these values into the formula, we get:

[tex]4045 = $3355(1 + 0.037/12)^(^1^2^t^)[/tex]

ln(1.206) = 12t ln(1 + 0.037/12)

ln(1.206) = 12t ln(1 + 0.0031)

ln(1.206) = 12t ln(1.0031)

0.187=12t 0.0031

0.187=0.0372t

t=5.02

Therefore, it will take Andrew approximately 5 years to accumulate $4045 by investing $3355 in an account that earns 3.7% annually, compounded monthly.

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