Juan and Bonnie deposit 7,566.00 into a savings account which earns 2% 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

Juan and Bonnie deposit 7, 566.00 into a savings account which earns 2% 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

Amount : 7874.51

Pasos de solución

Translate the problem into an equation:

A = 7566 (1 + \frac{0.02}{12})^{12 \cdot 2}

7566 (1 + \frac{0.02}{12})^{12 \cdot 2} = 7874.51212 \dots

Round to the nearest hundredth:

7874.51

Amount : 7874.51

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