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

Question

2 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] · Answer 1 · 2022-04-29T23:34:24+03:00

ad-work [718]2 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.