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Popular Word Problems >

Nicole is saving up money to buy a car. Nicole puts 6,000.00 into an account which earns 5% interest, compounded annually. How much will she have in the account after 9 years?

Solution

N i co l e i s s a v in g u p m o n ey t o b u y a c a r . N i co l e p u t s 6, 000.00 in t o an a cco u n t w hi c h e a r n s 5% in t eres t, co m p o u n d e d ann u a ll 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 9 ye a rs ?

Solution

Amount : 9307.97

Solution steps

Translate the problem into an equation:

A = 6000 (1 + \frac{0.05}{1})^{1 \cdot 9}

6000 (1 + \frac{0.05}{1})^{1 \cdot 9} = 9307.96929 \dots

Round to the nearest hundredth:

9307.97

Amount : 9307.97

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