Nicole is saving up money to buy a car. Nicole puts 6,000.00 into an account which earns 5% interest, compounded annually. How much will she have in the account after 9 years?

Solución

Nicole is saving up money to buy a car. Nicole puts 6, 000.00 into an account which earns 5% interest, compounded annually. How much will she have in the account after 9 years?

Solución

Amount : 9307.97

Pasos de solución

Translate the problem into an equation:

A = 6000 (1 + \frac{0.05}{1})^{1 \cdot 9}

6000 (1 + \frac{0.05}{1})^{1 \cdot 9} = 9307.96929 \dots

Round to the nearest hundredth:

9307.97

Amount : 9307.97

Ejemplos populares

The circunferencia of a circular painting is 34.54 feet. What is the diameter of the painting? Use 3.14 and do not round your answer.Jasmin is 5 years younger than Gerald. Four years from now Gerald will be twice as old as Jasmin. Which equation should be used to solve the problem?The difference of twice a number and 9 is-21 in a throw of two dice, what is the probability of obtaining a total of 11 or 12 Find the balance if 21000 is invested in an account paying 5 % interest compounded quarterly for 20 years.