Antonio is saving up money to buy a car. Antonio puts 10,000.00 into an account which earns 12% interest, compounded annually. How much will he have in the account after 7 years?

Solución

Antonio is saving up money to buy a car. Antonio puts 10, 000.00 into an account which earns 12% interest, compounded annually. How much will he have in the account after 7 years?

Solución

Amount : 22106.81

Pasos de solución

Translate the problem into an equation:

A = 10000 (1 + \frac{0.12}{1})^{1 \cdot 7}

10000 (1 + \frac{0.12}{1})^{1 \cdot 7} = 22106.81407 \dots

Round to the nearest hundredth:

22106.81

Amount : 22106.81

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