Hassan and Anne deposit 6,000.00 into a savings account which earns 10% interest compounded monthly. They want to use the money in the account to go on a trip in 2 years. How much will they be able to spend?

Solución

Hassan and Anne deposit 6, 000.00 into a savings account which earns 10% interest compounded monthly. They want to use the money in the account to go on a trip in 2 years. How much will they be able to spend?

Solución

Amount : 7322.35

Pasos de solución

Translate the problem into an equation:

A = 6000 (1 + \frac{0.1}{12})^{12 \cdot 2}

6000 (1 + \frac{0.1}{12})^{12 \cdot 2} = 7322.34576 \dots

Round to the nearest hundredth:

7322.35

Amount : 7322.35

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