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In 3 years, Jayce wants to buy a bicycle that costs 600.00. If he opens a savings account that earns 6% interest compounded monthly, how much will he have to deposit as principal to have enough money in 3 years to buy the bike?

Solución

Solución

Principal : 501.39

Pasos de solución

Translate the problem into an equation:

600 = P (1 + \frac{0.06}{12})^{12 \cdot 3}

Resolver para

P, 600 = P (1 + \frac{0.06}{12})^{12 \cdot 3} : P = 501.39

Principal : 501.39

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