18-09-2018
Mathematics

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Luis wants to know how much he will have available to spend on his trip to Belize in three years if he deposits $2700 today at an interest rate of 7%.

If he deposits $2700 today at an annual interest rate of 7 percent, the amount Luis will have to spend on his trip to Belize in three years is $___?

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18-09-2018

Use the compound amount formula: A = P(1+r)^t

Here, A = $2700(1+0.07)^3 = $3307.62

Luis will have accumulated $3307.62 to spend on his trib to Belize.

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