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Gabriel and Victoria deposit 3,000.00 into a savings account which earns 14% interest compounded monthly. 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?

Solution

Gabriel and Victoria deposit 3, 000.00 into a savings account which earns 14% interest compounded monthly. 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?

Solution

Amount : 4554.8

Solution steps

Translate the problem into an equation:

A = 3000 (1 + \frac{0.14}{12})^{12 \cdot 3}

3000 (1 + \frac{0.14}{12})^{12 \cdot 3} = 4554.79798 \dots

Round to the nearest hundredth:

4554.8

Amount : 4554.8

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