Sam and Rosanne deposit 10,000.00 into a savings account which earns 1% interest compounded annually. 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

Sam and Rosanne deposit 10, 000.00 into a savings account which earns 1% interest compounded annually. 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 : 10303.01

Solution steps

Translate the problem into an equation:

A = 10000 (1 + \frac{0.01}{1})^{1 \cdot 3}

10000 (1 + \frac{0.01}{1})^{1 \cdot 3} = 10303.01

Amount : 10303.01

Popular Examples

what is the approximate circumference of a circle with 6 radius Lauren's age is half of Joe's age. Emma is four years older than Joe. Pat is 4/5 of Lauren's and Joe's age squared. The sum of Lauren, Emma, and Joe's age is 234. How old is Pat?A square mat has sides that are 20 inches long. What is the mat's perimeter?six more than three times a number is twenty-four Britney earned some money doing odd jobs last summer and put it in a savings account that earns 15% interest compounded monthly. After 4 years, there is 700.00 in the account. How much did Britney earn doing odd jobs?