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Popular Word Problems >

Angie is saving up money to buy a car. Angie puts 5,487.00 into an account which earns 2.67% interest, compounded monthly. How much will she have in the account after 5 years?

Solution

A n g i e i s s a v in g u p m o n ey t o b u y a c a r . A n g i e p u t s 5, 487.00 in t o an a cco u n t w hi c h e a r n s 2.67% in t eres t, co m p o u n d e d m o n t h 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 5 ye a rs ?

Solution

Amount : 6269.73

Solution steps

Translate the problem into an equation:

A = 5487 (1 + \frac{0.0267}{12})^{12 \cdot 5}

5487 (1 + \frac{0.0267}{12})^{12 \cdot 5} = 6269.73042 \dots

Round to the nearest hundredth:

6269.73

Amount : 6269.73

Popular Examples

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