Matt and Sarah deposit 800.00 into a savings account which earns 12% interest compounded monthly. 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

Solución

Amount : 1015.79

Pasos de solución

Translate the problem into an equation:

A = 800 (1 + \frac{0.12}{12})^{12 \cdot 2}

800 (1 + \frac{0.12}{12})^{12 \cdot 2} = 1015.78771 \dots

Round to the nearest hundredth:

1015.79

Amount : 1015.79

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