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Populaire Word Problems >

Hakim opened a savings account and deposited 800.00. The account earns 15% interest, compounded annually. 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?

Solution

H akim o p e n e d a s a v in g s a cco u n t an d d e p os i t e d 800.00. T h e a cco u n t e a r n s 15% in t eres t, co m p o u n d e d ann u a ll y . I f h e w an t s t o u se t h e m o n ey t o b u y a n e w bi cyc l e in 2 ye a rs, h o w m u c h w i ll h e b e ab l e t o s p e n d o n t h e bik e ?

Solution

Amount : 1058

étapes des solutions

Translate the problem into an equation:

A = 800 (1 + \frac{0.15}{1})^{1 \cdot 2}

800 (1 + \frac{0.15}{1})^{1 \cdot 2} = 1058

Amount : 1058

Exemples populaires

How much would you need to deposit in an account now in ordonner to have 4000 in the account in 5 years? Assume the account earns 7% interest compounded monthly.You deposit 600 in an account earning 5% interest compounded monthly. How much will you have in the account in 10 years?Harold opened a savings account and deposited 800.00. The account earns 4% interest, compounded annually. 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?Robert puts 200.00 into an account to use for school expenses. The account earns 1% interest, compounded monthly. How much will be in the account after 8 years?The sum of two numbers is 28. Four less than three times the smaller number is equal to the larger number x. Find the larger number.