Manny and Bella deposit 700.00 into a savings account which earns 15% 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?

Solución

Solución

Amount : 1064.61

Pasos de solución

Translate the problem into an equation:

A = 700 (1 + \frac{0.15}{1})^{1 \cdot 3}

700 (1 + \frac{0.15}{1})^{1 \cdot 3} = 1064.6125

Round to the nearest hundredth:

1064.61

Amount : 1064.61

Ejemplos populares

A person invests 5000 dollars in a bank. The bank pays 5% interest compounded monthly. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 10500 dollars?Find the amount to which 800 will grow under each of these conditions:8% compounded annually for 10 years. Do not round intermediate calculations. Round your answer to the nearest cent.The product of two consecutive positive numbers is 156 . Find the numbers.Connor invested 77,000 in an account paying an interest rate of 4.5% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 12 years?Write a function in terms of t that represents the situation.Sales of 10,000 increase by 65% each year.