Content
Ella invests $500 in a savings account that earns 4% interest per annum, compounded quarterly.
Find an expression for the balance of Ella's savings after n years.
Calculate the value of Ella's savings after 12 years. Give your answer to the nearest dollar.
Ella wants to purchase a racing bike for $700.
Find the number of years after which her savings will be sufficient to purchase the bike.
Ask Plex AI about this problem
Get hints, ask questions, and work through this problem step by step