Solution
Bryan opened a savings account and deposited 600.00. The account earns 11% interest, compounded annually. If he wants to use the money to buy a new bicycle in 3 years, how much will he be able to spend on the bike?
Solution
Solution steps
Translate the problem into an equation:
Round to the nearest hundredth:
Popular Examples
Ella invested 2,700 in an account paying an interest rate of 5.4% compounded monthly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 4,020?April wants to borrow 960 from her father and is willing to pay 12 in interest. Her father wants to charge an interest rate of 5%. How long can April keep the money?Find the amount Erica owes at the end of 5 years if \$5100 is loaned to her at a rate of 7% compounded monthly.A number less than 18 is 85 what is the numberHow much interest does a 407 investment earn at 6%over 7 years?