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Logan opened a savings account and deposited 201.00. The account earns 7% interest, compounded quarterly. 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?

解答

解答

Amount : 230.93

求解步骤

Translate the problem into an equation:

A = 201 (1 + \frac{0.07}{4})^{4 \cdot 2}

201 (1 + \frac{0.07}{4})^{4 \cdot 2} = 230.92523 \dots

Round to the nearest hundredth:

230.93

Amount : 230.93

流行的例子

Identify whether 96 is abundant, deficient, or perfect number.Find the rate at which 9, 600 compounded annually grows to 12, 696 in 2 years.7 decreased by 4 times a number 8000 for 4 years at 6.5% compounded monthly. what is the total amount accumulated after 4 years?Colin opened a savings account and deposited 600.00 as principal. The account earns 8% interest, compounded quarterly. How much interest will he earn after 4 years?