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Simon and Candice deposit 7,000.00 into a savings account which earns 15% 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

Simon and Candice deposit 7, 000.00 into a savings account which earns 15% 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 : 10646.125

Solution steps

Translate the problem into an equation:

A = 7000 (1 + \frac{0.15}{1})^{1 \cdot 3}

7000 (1 + \frac{0.15}{1})^{1 \cdot 3} = 10646.125

Amount : 10646.125

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