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Mitch and Riley deposit 7,770.00 into a savings account which earns 13% 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

Mitch and Riley deposit 7, 770.00 into a savings account which earns 13% 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 : 11452.1

Solution steps

Translate the problem into an equation:

A = 7770 (1 + \frac{0.13}{12})^{12 \cdot 3}

7770 (1 + \frac{0.13}{12})^{12 \cdot 3} = 11452.09632 \dots

Round to the nearest hundredth:

11452.1

Amount : 11452.1

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