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Popular Word Problems >

Maureen is saving up money to buy a car. Maureen puts 10,000.00 into an account which earns 4% interest, compounded monthly. How much will she have in the account after 7 years?

Solução

M a u ree n i s s a v in g u p m o n ey t o b u y a c a r . M a u ree n p u t s 10, 000.00 in t o an a cco u n t w hi c h e a r n s 4% 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 7 ye a rs ?

Solução

Amount : 13225.14

Passos da solução

Translate the problem into an equation:

A = 10000 (1 + \frac{0.04}{12})^{12 \cdot 7}

10000 (1 + \frac{0.04}{12})^{12 \cdot 7} = 13225.13863 \dots

Round to the nearest hundredth:

13225.14

Amount : 13225.14

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