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Popular Word Problems >

Carson is saving up money to buy a car. Carson puts 6,927.00 into an account which earns 8.89% interest, compounded quarterly. How much will he have in the account after 8 years?

Solution

C a rso n i s s a v in g u p m o n ey t o b u y a c a r . C a rso n p u t s 6, 927.00 in t o an a cco u n t w hi c h e a r n s 8.89% 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 h e ha v e in t h e a cco u n t a f t er 8 ye a rs ?

Solution

Amount : 13996.94

Solution steps

Translate the problem into an equation:

A = 6927 (1 + \frac{0.0889}{4})^{4 \cdot 8}

6927 (1 + \frac{0.0889}{4})^{4 \cdot 8} = 13996.94078 \dots

Round to the nearest hundredth:

13996.94

Amount : 13996.94

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