Troy opened a savings account and deposited $300.00. The account earns 6% interest,compounded annually. If he wants to use the money to buy a new bicycle in 3 years, howmuch will he be able to spend on the bike?Use the formula A = P 1 +where A is the balance (final amount), P is the principal(starting amount), r is the interest rate expressed as a decimal, n is the number of times peryear that the interest is compounded, and t is the time in years.Round your answer to the nearest cent.7