Sandra is saving up money to buy a car. Sandra puts 9,937.00 into an account which earns 6% interest, compounded monthly. How much will she have in the account after 4 years?

Solución

Sandra is saving up money to buy a car. Sandra puts 9, 937.00 into an account which earns 6% interest, compounded monthly. How much will she have in the account after 4 years?

Solución

Amount : 12624.85

Pasos de solución

Translate the problem into an equation:

A = 9937 (1 + \frac{0.06}{12})^{12 \cdot 4}

9937 (1 + \frac{0.06}{12})^{12 \cdot 4} = 12624.85079 \dots

Round to the nearest hundredth:

12624.85

Amount : 12624.85

Ejemplos populares

The sum of two numbers is 55. One number is 4 times as large as the other. What are the numbers?it is Not Mutually Exclusive Events. An octahedral die (a die with 8 faces) numbered 1 to 8 is tossed. What is the probability that the number turns up to be odd given that it is less than 5 Tracy puts 400.00 into an account to use for school expenses. The account earns 7% interest, compounded annually. How much will be in the account after 7 years?The radio of a circle is 10 cm. Find its area A shoe was priced at 75 and is sold now at 10% off. What is the price of the shoe now