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Steven and Lena deposit 10,000.00 into a savings account which earns 2% 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

Steven and Lena deposit 10, 000.00 into a savings account which earns 2% 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 : 10404

Solution steps

Translate the problem into an equation:

A = 10000 (1 + \frac{0.02}{1})^{1 \cdot 2}

10000 (1 + \frac{0.02}{1})^{1 \cdot 2} = 10404

Amount : 10404

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