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 $___?

Question

Mathematics

Noelle Vargas

14 June, 20:39

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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Answers (1)

Know the Answer?

Alisa Mcdowell · Answer 1

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.

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 $___?