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Populaire Word Problems >

Luna is saving up money to buy a car. Luna puts 8,000.00 into an account which earns 12% interest, compounded monthly. How much will she have in the account after 5 years?

Solution

Lu na i s s a v in g u p m o n ey t o b u y a c a r . Lu na p u t s 8, 000.00 in t o an a cco u n t w hi c h e a r n s 12% in t eres t, co m p o u n d e d m o n t h l y . Ho w m u c h w i ll s h e ha v e in t h e a cco u n t a f t er 5 ye a rs ?

Solution

Amount : 14533.57

étapes des solutions

Translate the problem into an equation:

A = 8000 (1 + \frac{0.12}{12})^{12 \cdot 5}

8000 (1 + \frac{0.12}{12})^{12 \cdot 5} = 14533.57358 \dots

Arrondir à hundredth la plus proche:

14533.57

Amount : 14533.57

Exemples populaires

Suppose there is 4500 in a bank account at an interest rate of 11% compounded each year.Find the amount owed at the end of 2 years. Do not do any rounding Gabriel and Victoria deposit 3,000.00 into a savings account which earns 14% interest compounded monthly. They want to use the money in the account to go on a trip in 3 years. How much will they be able to spend?three less than five time a number is the as two more than twice that number A number a is more than 6 Seven subtracted from the product of 2 and a number is greater than or equal to21