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Christine opened a savings account and deposited 100.00. The account earns 1% interest, compounded monthly. 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

Solución

Amount : 103.04

Pasos de solución

Translate the problem into an equation:

A = 100 (1 + \frac{0.01}{12})^{12 \cdot 3}

100 (1 + \frac{0.01}{12})^{12 \cdot 3} = 103.04416 \dots

Round to the nearest hundredth:

103.04

Amount : 103.04

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