Lacy opened a savings account and deposited $100. The account earns 6% interest compounded monthly if she wants to use the money to buy a new bicycle in two years how much will she be able to spend on the bike
1 answer:
Answer:
Future Value= $112.72
Step-by-step explanation:
Giving the following information:
Initial deposit (PV)= $100
Number of periods (n)= 2*12= 24 months
Interest rate (i)= 0.06/12= 0.005
<u>To calculate the future value (FV), we need to use the following formula: </u>
FV= PV*(1 + i)^n
FV= 100*(1.005^24)
FV= $112.72
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