Erica opened a savings account and deposited 588.00. The account earns 9% interest, compounded annually. If she wants to use the money to buy a new bicycle in 3 years, how much will she be able to spend on the bike?

Solución

Solución

Amount : 761.48

Pasos de solución

Translate the problem into an equation:

A = 588 (1 + \frac{0.09}{1})^{1 \cdot 3}

588 (1 + \frac{0.09}{1})^{1 \cdot 3} = 761.477052

Round to the nearest hundredth:

761.48

Amount : 761.48

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