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Nathan and Audrey deposit 1,772.00 into a savings account which earns 3% 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

Nathan and Audrey deposit 1, 772.00 into a savings account which earns 3% 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 : 1938.66

étapes des solutions

Translate the problem into an equation:

A = 1772 (1 + \frac{0.03}{12})^{12 \cdot 3}

1772 (1 + \frac{0.03}{12})^{12 \cdot 3} = 1938.65908 \dots

Arrondir à hundredth la plus proche:

1938.66

Amount : 1938.66

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