Michael opened a savings account and deposited 100.00. The account earns 8% interest, compounded quarterly. 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?

الحلّ

الحلّ

Amount : 126.82

خطوات الحلّ

Translate the problem into an equation:

A = 100 (1 + \frac{0.08}{4})^{4 \cdot 3}

100 (1 + \frac{0.08}{4})^{4 \cdot 3} = 126.82417 \dots

Round to the nearest hundredth:

126.82

Amount : 126.82

أمثلة شائعة

What is the volume of a sphere with radius of 8m , rounded to the nearest tenth of a cubic meter?Three times a number increased by twice the number is greater than 125. what is the number?thrice a number decreased by 8 is at most-2 26.50 is 7% more than the original price what is the original price The sum of 3 consecutive even numbers is 78