Pedro and Shawna deposit 9,590.00 into a savings account which earns 12% interest compounded annually. They want to use the money in the account to go on a trip in 2 years. How much will they be able to spend?

Solution

Pedro and Shawna deposit 9, 590.00 into a savings account which earns 12% interest compounded annually. They want to use the money in the account to go on a trip in 2 years. How much will they be able to spend?

Solution

Amount : 12029.696

Solution steps

Translate the problem into an equation:

A = 9590 (1 + \frac{0.12}{1})^{1 \cdot 2}

9590 (1 + \frac{0.12}{1})^{1 \cdot 2} = 12029.696

Amount : 12029.696

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