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Sasha opened a savings account and deposited 200.00. The account earns 13% interest, compounded annually. If she wants to use the money to buy a new bicycle in 3 years, how much will she be able to spend on the bike?

Solution

Solution

Amount : 288.58

Solution steps

Translate the problem into an equation:

A = 200 (1 + \frac{0.13}{1})^{1 \cdot 3}

200 (1 + \frac{0.13}{1})^{1 \cdot 3} = 288.5794

Round to the nearest hundredth:

288.58

Amount : 288.58

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