Bridget opened a savings account and deposited 500.00. The account earns 4% interest, compounded annually. If she wants to use the money to buy a new bicycle in 3 years, how much will she be able to spend on the bike?

Solución

Solución

Amount : 562.432

Pasos de solución

Translate the problem into an equation:

A = 500 (1 + \frac{0.04}{1})^{1 \cdot 3}

500 (1 + \frac{0.04}{1})^{1 \cdot 3} = 562.432

Amount : 562.432

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