Jeffrey and Colleen deposit 800.00 into a savings account which earns 9% interest compounded annually. They want to use the money in the account to go on a trip in 3 years. How much will they be able to spend?

Solução

Solução

Amount : 1036.02

Passos da solução

Translate the problem into an equation:

A = 800 (1 + \frac{0.09}{1})^{1 \cdot 3}

800 (1 + \frac{0.09}{1})^{1 \cdot 3} = 1036.0232

Round to the nearest hundredth:

1036.02

Amount : 1036.02

Exemplos populares

The sum of a number and 5 If you borrow 758 for two years at an interest rate of 6%, how much interest will you pay?tyler told his friends this riddle "I am thinking of a number. three times my number plus twice my number is twenty. what number am i The difference of number and 3 is equal to-15 67 times a number minus 57 is equal to the number minus-74