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k0ka [10]
3 years ago
7

Luis wants to know how much he will have available to spend on his trip to Belize in three years if he deposits $2700 today at a

n interest rate of 7%.
If he deposits $2700 today at an annual interest rate of 7 percent, the amount Luis will have to spend on his trip to Belize in three years is $___?
Mathematics
1 answer:
ad-work [718]3 years ago
8 0

Use the compound amount formula:  A = P(1+r)^t

Here, A = $2700(1+0.07)^3 = $3307.62

Luis will have accumulated $3307.62 to spend on his trib to Belize.

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