Lucia opened a savings account and deposited 100.00. The account earns 5% 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?

解答

解答

Amount : 116.15

求解步骤

Translate the problem into an equation:

A = 100 (1 + \frac{0.05}{12})^{12 \cdot 3}

100 (1 + \frac{0.05}{12})^{12 \cdot 3} = 116.14722 \dots

Round to the nearest hundredth:

116.15

Amount : 116.15

流行的例子

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