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Popular Examples
Hakim opened a savings account and deposited 800.00. The account earns 15% interest, compounded annually. If he wants to use the money to buy a new bicycle in 2 years, how much will he be able to spend on the bike?How much would you need to deposit in an account now in order to have 4000 in the account in 5 years? Assume the account earns 7% interest compounded monthly.You deposit 600 in an account earning 5% interest compounded monthly. How much will you have in the account in 10 years?Harold opened a savings account and deposited 800.00. The account earns 4% interest, compounded annually. If he wants to use the money to buy a new bicycle in 2 years, how much will he be able to spend on the bike?Robert puts 200.00 into an account to use for school expenses. The account earns 1% interest, compounded monthly. How much will be in the account after 8 years?