Joy opened a savings account and deposited 665.00. The account earns 11% interest, compounded monthly. 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 : 827.81

Pasos de solución

Translate the problem into an equation:

A = 665 (1 + \frac{0.11}{12})^{12 \cdot 2}

665 (1 + \frac{0.11}{12})^{12 \cdot 2} = 827.81096 \dots

Round to the nearest hundredth:

827.81

Amount : 827.81

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