Assignment:
Suppose you open a savings account at an interest rate of 1.5 percent per year, compounded monthly. You make an initial deposit of $1,000 and, starting one month after you open the account, you deposit $100 each month and do not make any withdrawals. Identify which problem-solving techniques you would use to answer the question: How long would it take for the account to reach $3,000? Explain how you would use those techniques.
Provide complete and step by step solution for the question and show calculations and use formulas.