Popular >

Fernando opened a savings account and deposited 300.00. The account earns 1% 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?

Solution

Solution

Amount : 306.03

Solution steps

Translate the problem into an equation:

A = 300 (1 + \frac{0.01}{1})^{1 \cdot 2}

300 (1 + \frac{0.01}{1})^{1 \cdot 2} = 306.03

Amount : 306.03

Popular Examples

the product of two consecutive negative even integers is 24. Find the numbers A plane can fly 990 miles in the same time as it takes a car to go 210 miles.If the car travels 130 miles per hour slower than the plane, find the speed of the plane.the sum of 2 times a number and 6 is 4 if the area of a square is 225 in^2 what is the perimeter of the s The circumference of a circle is 11pi inches.:What is the area, in square inches, of the circle? Express your answer in terms of pi :Show your work.