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Popular Word Problems >

Ruben opened a savings account and deposited 200.00. The account earns 7% interest, compounded monthly. If he wants to use the money to buy a new bicycle in 2 years, how much money will he have

Solución

R u b e n o p e n e d a s a v in g s a cco u n t an d d e p os i t e d 200.00. T h e a cco u n t e a r n s 7% in t eres t, co m p o u n d e d m o n t h l y . I f h e w an t s t o u se t h e m o n ey t o b u y a n e w bi cyc l e in 2 ye a rs, h o w m u c h m o n ey w i ll h e ha v e

Solución

Amount : 229.96

Pasos de solución

Translate the problem into an equation:

A = 200 (1 + \frac{0.07}{12})^{12 \cdot 2}

200 (1 + \frac{0.07}{12})^{12 \cdot 2} = 229.96120 \dots

Redondear al más cercano hundredth:

229.96

Amount : 229.96

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