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Dale opened a savings account and deposited 600.00. The account earns 2% 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

Solución

Amount : 624.47

Pasos de solución

Translate the problem into an equation:

A = 600 (1 + \frac{0.02}{12})^{12 \cdot 2}

600 (1 + \frac{0.02}{12})^{12 \cdot 2} = 624.46567 \dots

Round to the nearest hundredth:

624.47

Amount : 624.47

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