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Beliebt Word Problems >

Mandy is saving up money to buy a car. Mandy puts 7,100.00 into an account which earns 1% interest, compounded annually. How much will she have in the account after 10 years?

Lösung

M an d y i s s a v in g u p m o n ey t o b u y a c a r . M an d y p u t s 7, 100.00 in t o an a cco u n t w hi c h e a r n s 1% 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 10 ye a rs ?

Lösung

Amount : 7842.82

Schritte zur Lösung

Translate the problem into an equation:

A = 7100 (1 + \frac{0.01}{1})^{1 \cdot 10}

7100 (1 + \frac{0.01}{1})^{1 \cdot 10} = 7842.81709 \dots

Round to the nearest hundredth:

7842.82

Amount : 7842.82

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