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Jeffrey and Colleen deposit 800.00 into a savings account which earns 9% 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

Solution

Amount : 1036.02

Solution steps

Translate the problem into an equation:

A = 800 (1 + \frac{0.09}{1})^{1 \cdot 3}

800 (1 + \frac{0.09}{1})^{1 \cdot 3} = 1036.0232

Round to the nearest hundredth:

1036.02

Amount : 1036.02

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