Practice problem
Compound Interest - Formula & Definition
It's Halloween and Ally just received pieces of candy from her friends. Abby, Ally's sister, did not get any candy so she asked Ally to share some of hers. Ally just learned about interest rates so she realized she could share her candy and earn more later. Ally decided to share with Abby under the following conditions:
- Abby can have pieces.
- There is an interest rate of .
- The interest is compounded once a year.
- The candy must be paid back in full next Halloween.
How many pieces of candy will Ally receive from Abby on Halloween next year? Round to the nearest whole number.