Algebra 2 T.13 Compound interest Troy opened a savings account and deposited $300.00. The account earns 6% interest,

Question

Algebra 2 > T.13 Compound interest
Troy opened a savings account and deposited $300.00. The account earns 6% interest,
compounded annually. If he wants to use the money to buy a new bicycle in 3 years, how
much will he be able to spend on the bike?
nt
I
Use the formula A = P 1 +
where A is the balance (final amount), P is the principal
(starting amount), r is the interest rate expressed as a decimal, n is the number of times per
year that the interest is compounded, and t is the time in years.
Round your answer to the nearest cent.

Kunduz · Accepted Answer

Click to see the answer

Algebra 2 > T.13 Compound interest Troy opened a savings