Rita opened a savings account and deposited 200.00. The account earns 2% 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 : 212.24

Pasos de solución

Translate the problem into an equation:

A = 200 (1 + \frac{0.02}{1})^{1 \cdot 3}

200 (1 + \frac{0.02}{1})^{1 \cdot 3} = 212.2416

Round to the nearest hundredth:

212.24

Amount : 212.24

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