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in 3 years Layla wants to buy a new bicycle that costs 700.00 if she opens a savings account that earns 13%interest compounded quarterly how much will she have to despoit as principal to have enough money in 3 years to buy the bike

Respuesta :

We will replace in the following equation:

[tex]A=P(1+\frac{r}{n})^{nt}[/tex]

We replace as follows:

[tex]700=P(1+\frac{0.13}{3})^{(3)(3)}\Rightarrow P\approx477.85[/tex]

She would have to deposit approximately $477.85.

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