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Camille opened a savings account and deposited 100.00. The account earns 11% interest, compounded annually. If she wants to use the money to buy a new bicycle in 3 years, how much will she be able to spend on the bike?

Solution

Solution

Amount : 136.76

Solution steps

Translate the problem into an equation:

A = 100 (1 + \frac{0.11}{1})^{1 \cdot 3}

100 (1 + \frac{0.11}{1})^{1 \cdot 3} = 136.7631

Round to the nearest hundredth:

136.76

Amount : 136.76

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