Sophia is saving up money to buy a car. Sophia puts 8,000.00 into an account which earns 2% interest, compounded annually. How much will she have in the account after 8 years?

Solución

Sophia is saving up money to buy a car. Sophia puts 8, 000.00 into an account which earns 2% interest, compounded annually. How much will she have in the account after 8 years?

Solución

Amount : 9373.28

Pasos de solución

Translate the problem into an equation:

A = 8000 (1 + \frac{0.02}{1})^{1 \cdot 8}

8000 (1 + \frac{0.02}{1})^{1 \cdot 8} = 9373.27504 \dots

Round to the nearest hundredth:

9373.28

Amount : 9373.28

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