Lee opened a saving account and deposited $700.00. The account earns 2% interest compounded annually if he wats to use the money to buy. New bicycle in 3 years how much will he be able to spend on the bike?

The right solution is "$1001.49".

Step-by-step explanation:

The given values are:

Deposited amount,

P = $700

Rate if interest,

r = 2%

Time,

t = 3

n = 12

As we know,

⇒

On putting the given values in the above formula, we get

⇒    

⇒    

⇒    

⇒    

⇒    

⇒     ($)

1. 34

2. 268

3. x=14.4

step-by-step explanation: