Becky is saving up money to buy a car. Becky puts 5,000.00 into an account which earns 6% interest, compounded annually. How much will she have in the account after 8 years?

Solución

Becky is saving up money to buy a car. Becky puts 5, 000.00 into an account which earns 6% interest, compounded annually. How much will she have in the account after 8 years?

Solución

Amount : 7969.24

Pasos de solución

Translate the problem into an equation:

A = 5000 (1 + \frac{0.06}{1})^{1 \cdot 8}

5000 (1 + \frac{0.06}{1})^{1 \cdot 8} = 7969.24037 \dots

Round to the nearest hundredth:

7969.24

Amount : 7969.24

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