Pete and Adriana deposit 6,000.00 into a savings account which earns 11% interest compounded annually. They want to use the money in the account to go on a trip in 2 years. How much will they be able to spend?

Solución

Pete and Adriana deposit 6, 000.00 into a savings account which earns 11% interest compounded annually. They want to use the money in the account to go on a trip in 2 years. How much will they be able to spend?

Solución

Amount : 7392.6

Pasos de solución

Translate the problem into an equation:

A = 6000 (1 + \frac{0.11}{1})^{1 \cdot 2}

6000 (1 + \frac{0.11}{1})^{1 \cdot 2} = 7392.6

Amount : 7392.6

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