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Bridgette opened a savings account and deposited 3,000.00. The account earns 5% interest, compounded quarterly. 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

Bridgette opened a savings account and deposited 3, 000.00. The account earns 5% interest, compounded quarterly. 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

Amount : 3482.26

Pasos de solución

Translate the problem into an equation:

A = 3000 (1 + \frac{0.05}{4})^{4 \cdot 3}

3000 (1 + \frac{0.05}{4})^{4 \cdot 3} = 3482.26355 \dots

Round to the nearest hundredth:

3482.26

Amount : 3482.26

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