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Популярное Word Problems >

Quinn opened a savings account and deposited 600.00. The account earns 10% 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?

Решение

Q u inn 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 600.00. T h e a cco u n t e a r n s 10% in t eres t, co m p o u n d e d ann u a ll 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 3 ye a rs, h o w m u c h w i ll h e b e ab l e t o s p e n d o n t h e bik e ?

Решение

Amount : 798.6

Шаги решения

Translate the problem into an equation:

A = 600 (1 + \frac{0.1}{1})^{1 \cdot 3}

600 (1 + \frac{0.1}{1})^{1 \cdot 3} = 798.6

Amount : 798.6

Популярные примеры

A boy is 24 years younger than his father and in two years the sum of their age will be 40. How old is the son and the father now twice the разность of a number and 7 is 3 Ethan puts 800.00 into an account to use for school expenses. The account earns 5% interest, compounded monthly. How much will be in the account after 6 years?Brenda invests 26,375.79 in a savings account with a fixed annual interest rate of 5.63 % compounded semi-annually. What will the account balance be after 6 years?You deposit 60 in an investment account that earns 4.5% annual interest compounded annually.What is the balance of the account after 6 years?