Dusty would like to buy a new car in six years. He currently has $13,500 saved. He’s considering buying a car for around $17,500 but would like to add a Turbo engine to increase the car’s performance. This would increase the price of the car to $21,500.If dusty can earn 9% interest compounded anually will he be able to get a car with a turbo engine in six years?

with a compund intrest of 9 percent and he didnt put in any money after the 13,500 he will have $22,640.85 in 6 years, so now he can go buy his car and also buy a new exhaust system

Answer Link

srastiuts023 srastiuts023 · Answer 2 · 2022-06-09T16:21:27+02:00

If dusty can earn 9% interest compounded annually will he be able to get a car with a turbo engine in six years?

Answer: Yes he can

with a compound interest of 9 percent and he didn't put in any money after the $13,500 he will have $22,640.85 in 6 years, so now he can go buy his car and also buy with a turbo engine.

What is an example of compound interest?

Compound interest definition

When you add money to a savings account or a similar account, you receive interest based on the amount that you deposited. For example, if you deposit $1,000 in an account that pays 1 percent annual interest, you'd earn $10 in interest after a year.

How do we calculate compound interest?

Compound interest, or 'interest on interest', is calculated using the compound interest formula. The formula for compound interest is A = P(1 + r/n)^nt, where P is the principal balance, r is the interest rate, n is the number of times interest is compounded per time period and t is the number of time periods.

Learn more about Compound Interest at https://brainly.com/question/24924853

#SPJ2