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Tessa opened a savings account and deposited 275.00. The account earns 11% 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 : 376.1

Solution steps

Translate the problem into an equation:

A = 275 (1 + \frac{0.11}{1})^{1 \cdot 3}

275 (1 + \frac{0.11}{1})^{1 \cdot 3} = 376.098525

Round to the nearest hundredth:

376.1

Amount : 376.1

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