Sam and Rosanne deposit 10,000.00 into a savings account which earns 1% interest compounded annually. They want to use the money in the account to go on a trip in 3 years. How much will they be able to spend?

Solución

Sam and Rosanne deposit 10, 000.00 into a savings account which earns 1% interest compounded annually. They want to use the money in the account to go on a trip in 3 years. How much will they be able to spend?

Solución

Amount : 10303.01

Pasos de solución

Translate the problem into an equation:

A = 10000 (1 + \frac{0.01}{1})^{1 \cdot 3}

10000 (1 + \frac{0.01}{1})^{1 \cdot 3} = 10303.01

Amount : 10303.01

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