You decide to put $5,000 in a savings account to save for a $6,000 downpayment 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 $6,000 without depositing any additional funds?

Approx 2.61 years.

Step-by-step explanation:

Given that you decide to put $5,000 in a savings account to save for a $6,000 down payment on a new car.

That means A=6000 and P=5000

If the account has an interest rate of 7% per year and is compounded monthly,

Then r=7%= 0.07 and n=12 (monthly)

Now we need to find about how long does it take until you have $6,000 without depositing any additional funds.

So let's plug these values into compound interest formula and fine time t

\left(1.00583333333333\right)" alt="\frac{\ln\left(1.2\right)}{12\ln\left(1.00583333333333\right)}=t" />

\left(1.00583333333333\right)" />

Hence answer is approx 2.61 years.

step-by-step explanation:

y = | -2(-2) |     →     y = | 4 |     →     y = 4       ⇒   (-2, 4)

y = | -2(-1) |     →     y = | 2 |     →       y =   2       ⇒   (-1, 2)    

y = | -2(0) |     →     y = | 0 |     →       y = 0         ⇒   (0, 0)

y = | -2(1) |   c →     y = | -2 |     →     y =   2         ⇒   (1, 2)    

y = | -2(2) |     →     y = | - 4 |     →     y =   4         ⇒   (2, 4)  

it would take 7/10 of an hour too fill the pool.

step-by-step explanation: