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Christine opened a savings account and deposited 100.00. The account earns 1% interest, compounded monthly. 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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解答

Christineopenedasavingsaccountanddeposited100.00.Theaccountearns1%interest,compoundedmonthly.Ifshewantstousethemoneytobuyanewbicyclein3years,howmuchwillshebeabletospendonthebike?

解答

Amount:103.04
求解步骤
Translate the problem into an equation:A=100(1+120.01​)12⋅3
100(1+120.01​)12⋅3=103.04416…
Round to the nearest hundredth:103.04
Amount:103.04

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