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Mike opened a savings account and deposited $300.00. The account earns 11% interest, compounded annually. If he wants to use the money to buy a new bicycle in 2 years, how much …

Mike opened a savings account and deposited $300.00. The account earns 11% interest, compounded annually. If he wants to use the money to buy a new bicycle in 2 years, how much …
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mike opened a savings account and deposited $300.00. The account earns 11% 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?

User Mafafu
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1 Answer

10 votes
He will be able to spend 366 for the bike because every year he gets 33 dollars(the 11% interest)
User Rashawn
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