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Roger and Allie deposit 800.00 into a savings account which earns 11% 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

Solution

Amount : 1111.1

Solution steps

Translate the problem into an equation:

A = 800 (1 + \frac{0.11}{12})^{12 \cdot 3}

800 (1 + \frac{0.11}{12})^{12 \cdot 3} = 1111.10290 \dots

Round to the nearest hundredth:

1111.1

Amount : 1111.1

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