Jacob opened a savings account and deposited 700.00. The account earns 2% interest, compounded annually. If he wants to use the money to buy a new bicycle in 3 years, how much will he be able to spend on the bike?

Solución

Solución

Amount : 742.85

Pasos de solución

Translate the problem into an equation:

A = 700 (1 + \frac{0.02}{1})^{1 \cdot 3}

700 (1 + \frac{0.02}{1})^{1 \cdot 3} = 742.8456

Round to the nearest hundredth:

742.85

Amount : 742.85

Ejemplos populares

The sum of 5 times a number and 2 is 9 The square root of a number, decreased by 2, is 4 The sum of 5 times a number and 2 is 8 Find the radio of a sphere with volume of 4574.88in^3 Four times a sum of a number and 6 equals 8