Sandra opened a savings account and deposited 207.00. The account earns 10.72% interest, compounded monthly. If she wants to use the money to buy a new bicycle in 2 years, how much will she be able to spend on the bike?

Solución

Solución

Amount : 256.25

Pasos de solución

Translate the problem into an equation:

A = 207 (1 + \frac{0.1072}{12})^{12 \cdot 2}

207 (1 + \frac{0.1072}{12})^{12 \cdot 2} = 256.25340 \dots

Round to the nearest hundredth:

256.25

Amount : 256.25

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