Troy opened a savings account and deposited $300.00. The

Last updated: 7/13/2022

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? 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. 7