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Popular Word Problems >

Shivani is saving up money to buy a car. Shivani puts 9, 375 into an account which earns 9% interest compounded annually. How much will she have in the account after 5 years?

Solution

S hi v ani i s s a v in g u p m o n ey t o b u y a c a r . S hi v ani p u t s 9, 375 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 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 5 ye a rs ?

Solution

Amount : 14424.6

Solution steps

Translate the problem into an equation:

A = 9375 (1 + \frac{0.09}{1})^{1 \cdot 5}

9375 (1 + \frac{0.09}{1})^{1 \cdot 5} = 14424.59957 \dots

Round to the nearest hundredth:

14424.6

Amount : 14424.6

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