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Clare opened a savings account and deposited 200.00. The account earns 11% interest, compounded quarterly. 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 : 276.96

Pasos de solución

Translate the problem into an equation:

A = 200 (1 + \frac{0.11}{4})^{4 \cdot 3}

200 (1 + \frac{0.11}{4})^{4 \cdot 3} = 276.95675 \dots

Round to the nearest hundredth:

276.96

Amount : 276.96

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