Finn and Brianna deposit 6,128.00 into a savings account which earns 7.59% interest compounded annually. 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

Finn and Brianna deposit 6, 128.00 into a savings account which earns 7.59% interest compounded annually. 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 : 7631.93

Solution steps

Translate the problem into an equation:

A = 6128 (1 + \frac{0.0759}{1})^{1 \cdot 3}

6128 (1 + \frac{0.0759}{1})^{1 \cdot 3} = 7631.93177 \dots

Round to the nearest hundredth:

7631.93

Amount : 7631.93

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