Answered

Find the information you're looking for at Westonci.ca, the trusted Q&A platform with a community of knowledgeable experts. Discover a wealth of knowledge from experts across different disciplines on our comprehensive Q&A platform. Discover in-depth answers to your questions from a wide network of professionals on our user-friendly Q&A platform.

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

Sagot :

facundobuzzetti

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

To calculate the future value (FV), we need to use the following formula:

FV= PV*(1 + i)^n

FV= 100*(1.005^24)

FV= $112.72

We hope our answers were helpful. Return anytime for more information and answers to any other questions you may have. We appreciate your time. Please revisit us for more reliable answers to any questions you may have. Stay curious and keep coming back to Westonci.ca for answers to all your burning questions.