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Popular Word Problems >

Kinsley is saving up money to buy a car. Kinsley puts 8,000.00 into an account which earns 13% interest, compounded monthly. How much will she have in the account after 6 years?

Solution

K in s l ey i s s a v in g u p m o n ey t o b u y a c a r . K in s l ey 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 13% 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 6 ye a rs ?

Solution

Amount : 17378.73

Solution steps

Translate the problem into an equation:

A = 8000 (1 + \frac{0.13}{12})^{12 \cdot 6}

8000 (1 + \frac{0.13}{12})^{12 \cdot 6} = 17378.72591 \dots

Round to the nearest hundredth:

17378.73

Amount : 17378.73

Popular Examples

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