Tom wants to start saving money in order to purchase a new car and not have to borrow any money if Tom deposits $14,200$ into an account that earns $8\%$ compounded monthly and Tom plans to only use money in his account to cover the car and not add any additional money does count how long would it take for the amount in this amount to grow to $24,500$ what is estimated to be the cost of a new car round your answer to two decimal places places