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Popular Word Problems >

Wendy opened a savings account and deposited 500.00. The account earns 6% interest, compounded quarterly. 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?

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Solution

Wendyopenedasavingsaccountanddeposited500.00.Theaccountearns6%interest,compoundedquarterly.Ifshewantstousethemoneytobuyanewbicyclein3years,howmuchwillshebeabletospendonthebike?

Solution

Amount:597.81
Solution steps
Translate the problem into an equation:A=500(1+40.06​)4⋅3
500(1+40.06​)4⋅3=597.80908…
Round to the nearest hundredth:597.81
Amount:597.81

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