Polly is saving up money to buy a car. Polly puts 6,000.00 into an account which earns 5% interest, compounded monthly. How much will she have in the account after 7 years?

Solución

Polly is saving up money to buy a car. Polly puts 6, 000.00 into an account which earns 5% interest, compounded monthly. How much will she have in the account after 7 years?

Solución

Amount : 8508.22

Pasos de solución

Translate the problem into an equation:

A = 6000 (1 + \frac{0.05}{12})^{12 \cdot 7}

6000 (1 + \frac{0.05}{12})^{12 \cdot 7} = 8508.21631 \dots

Round to the nearest hundredth:

8508.22

Amount : 8508.22

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