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Popular Word Problems >

Lena is saving up money to buy a car. Lena puts 8,000.00 into an account which earns 9% interest, compounded quarterly. How much will she have in the account after 10 years?

Solution

L e na i s s a v in g u p m o n ey t o b u y a c a r . L e na 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 9% in t eres t, co m p o u n d e d q u a r t er l 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 10 ye a rs ?

Solution

Amount : 19481.51

Solution steps

Translate the problem into an equation:

A = 8000 (1 + \frac{0.09}{4})^{4 \cdot 10}

8000 (1 + \frac{0.09}{4})^{4 \cdot 10} = 19481.51172 \dots

Round to the nearest hundredth:

19481.51

Amount : 19481.51

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