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Harman [31]
3 years ago
13

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
Mathematics
1 answer:
Dafna11 [192]3 years ago
5 0

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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