Wyatt and Belle deposit 700.00 into a savings account which earns 9% interest compounded monthly. They want to use the money in the account to go on a trip in 2 years. How much will they be able to spend? Round to the nearest 10th.

Solución

Solución

Amount : 837.49

Pasos de solución

Translate the problem into an equation:

A = 700 (1 + \frac{0.09}{12})^{12 \cdot 2}

700 (1 + \frac{0.09}{12})^{12 \cdot 2} = 837.48947 \dots

Round to the nearest hundredth:

837.49

Amount : 837.49

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