andrewhazard5144 andrewhazard5144

26-04-2024
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Troy opened a savings account and deposited $1,000.00. The account earns 6% interest, compounded annually. If he wants to use the money to buy a new bicycle in 2 years, how much will he be able to spend on the bike? Use the formula A=P(1+r/n)ⁿᵗ), where A is the balance (final amount), P is the principal (starting amount), r is the interest rate expressed as a decimal, n is the number of times per year that the interest is compounded, and t is the time in years. Round your answer to the nearest cent. $

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