Nora opened a savings account and deposited 3,000.00. The account earns 11% interest, compounded annually. If she wants to use the money to buy a new bicycle in 3 years, how much will she be able to spend on the bike?

Solución

Nora opened a savings account and deposited 3, 000.00. The account earns 11% interest, compounded annually. If she wants to use the money to buy a new bicycle in 3 years, how much will she be able to spend on the bike?

Solución

Amount : 4102.893

Pasos de solución

Translate the problem into an equation:

A = 3000 (1 + \frac{0.11}{1})^{1 \cdot 3}

3000 (1 + \frac{0.11}{1})^{1 \cdot 3} = 4102.893

Amount : 4102.893

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