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

פתרון

פתרון

Amount : 563.58

צעדי פתרון

Translate the problem into an equation:

A = 500 (1 + \frac{0.06}{12})^{12 \cdot 2}

500 (1 + \frac{0.06}{12})^{12 \cdot 2} = 563.57988 \dots

Round to the nearest hundredth:

563.58

Amount : 563.58

דוגמאות פופולריות

Find the time required for an investment of 5000 dollars to grow to 7700 dollars at an interest rate of 7.5:percent per year, compounded quarterly.:Your answer is t= :years.Kelly puts 300.00 into an account to use for school expenses. The account earns 13% interest, compounded monthly. How much will be in the account after 5 years?Fourteen more than 5 times a number is 34.the sum of 5 times a number and 7equal 8 the product of 4, and a number increased by 7, is-36