Marvin opened a savings account and deposited 800.00. The account earns 14% interest, compounded annually. If he wants to use the money to buy a new bicycle in 3 years, how much will he be able to spend on the bike?

الحلّ

الحلّ

Amount : 1185.24

خطوات الحلّ

Translate the problem into an equation:

A = 800 (1 + \frac{0.14}{1})^{1 \cdot 3}

800 (1 + \frac{0.14}{1})^{1 \cdot 3} = 1185.2352

Round to the nearest hundredth:

1185.24

Amount : 1185.24

أمثلة شائعة

A die is rolled 8 times. Find the probability of rolling no more than 3 sixes.seven less than the product of 3 and a number equals 8 Mai deposited 6000 into an account with a 5% annual interest rate, compounded semiannually. Assuming that no withdrawals are made, how long will it take for the investment to grow to 14,238?The sum of twice a number and five is four more than the number. What is the number?:(10 Points)Brody opened a savings account and deposited 300.00 as principal. The account earns 13% interest, compounded quarterly. How much interest will he earn after 4 years?