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Jack and Rita deposit 1,601.00 into a savings account which earns 3.12% interest compounded annually. They want to use the money in the account to go on a trip in 2 years. How much will they be able to spend?

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解答

JackandRitadeposit1,601.00intoasavingsaccountwhichearns3.12%interestcompoundedannually.Theywanttousethemoneyintheaccounttogoonatripin2years.Howmuchwilltheybeabletospend?

解答

Amount:1702.46
求解步骤
Translate the problem into an equation:A=1601(1+10.0312​)1⋅2
1601(1+10.0312​)1⋅2=1702.46087…
Round to the nearest hundredth:1702.46
Amount:1702.46

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