Dana opened a savings account and deposited 400.00. The account earns 15% interest, compounded annually. If she wants to use the money to buy a new bicycle in 2 years, how much will she be able to spend on the bike?

Solución

Solución

Amount : 529

Pasos de solución

Translate the problem into an equation:

A = 400 (1 + \frac{0.15}{1})^{1 \cdot 2}

400 (1 + \frac{0.15}{1})^{1 \cdot 2} = 529

Amount : 529

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