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Emmet and Linda deposit 9,696.00 into a savings account which earns 7% 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

Emmet and Linda deposit 9, 696.00 into a savings account which earns 7% 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 : 11100.95

Solution steps

Translate the problem into an equation:

A = 9696 (1 + \frac{0.07}{1})^{1 \cdot 2}

9696 (1 + \frac{0.07}{1})^{1 \cdot 2} = 11100.9504

Round to the nearest hundredth:

11100.95

Amount : 11100.95

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