Adam is saving up money to buy a car. Adam puts 7,000.00 into an account which earns 10% interest, compounded annually. How much will he have in the account after 9 years?

Solución

Adam is saving up money to buy a car. Adam puts 7, 000.00 into an account which earns 10% interest, compounded annually. How much will he have in the account after 9 years?

Solución

Amount : 16505.63

Pasos de solución

Translate the problem into an equation:

A = 7000 (1 + \frac{0.1}{1})^{1 \cdot 9}

7000 (1 + \frac{0.1}{1})^{1 \cdot 9} = 16505.633837

Round to the nearest hundredth:

16505.63

Amount : 16505.63

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