Joel opened a savings account and deposited 2,411.00. The account earns 4% interest, compounded monthly. If he wants to use the money to buy a new bicycle in 2 years, how much will he be able to spend on the bike?

Solución

Joel opened a savings account and deposited 2, 411.00. The account earns 4% interest, compounded monthly. If he wants to use the money to buy a new bicycle in 2 years, how much will he be able to spend on the bike?

Solución

Amount : 2611.46

Pasos de solución

Translate the problem into an equation:

A = 2411 (1 + \frac{0.04}{12})^{12 \cdot 2}

2411 (1 + \frac{0.04}{12})^{12 \cdot 2} = 2611.45767 \dots

Round to the nearest hundredth:

2611.46

Amount : 2611.46

Ejemplos populares

nine less than the product of 6 and a number is 5.seven times the number is 36 less than 10 times the number 300.00. The account earns 6% 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?A positive integer is twice another. The sum of the reciprocals of the two positive integers is 3/22 . Find the two integers.The population of a city increases by 1.6% per year. If this year's population is 237,000, what will next year's population be, to the nearest individual?