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Populaire Word Problems >

Cole is saving up money to buy a car. Cole puts 8,000.00 into an account which earns 4% interest, compounded monthly. How much will he have in the account after 9 years??

Solution

C o l e i s s a v in g u p m o n ey t o b u y a c a r . C o l e 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 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 h e ha v e in t h e a cco u n t a f t er 9 ye a rs ??

Solution

Amount : 11459.77

étapes des solutions

Translate the problem into an equation:

A = 8000 (1 + \frac{0.04}{12})^{12 \cdot 9}

8000 (1 + \frac{0.04}{12})^{12 \cdot 9} = 11459.77264 \dots

Arrondir à hundredth la plus proche:

11459.77

Amount : 11459.77

Exemples populaires

Abigail is saving up money to buy a car. Abigail puts 8,000.00 into an account which earns 3% interest, compounded monthly. How much will she have in the account after 2 years?A square has a perimeter of 32 cm . What is the length of each side?The sum of two numbers is 7 2/3. If one number is 4 1/6, what is the other number?The diameter of a circle is 3 cm. Find the circonférence the sum of two numbers is 9 and their différence is 13