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Popular Word Problems >

Luna is saving up money to buy a car. Luna puts 8,000.00 into an account which earns 12% interest, compounded monthly. How much will she have in the account after 5 years?

Solução

Lu na i s s a v in g u p m o n ey t o b u y a c a r . Lu na 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 12% 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 ?

Solução

Amount : 14533.57

Passos da solução

Translate the problem into an equation:

A = 8000 (1 + \frac{0.12}{12})^{12 \cdot 5}

8000 (1 + \frac{0.12}{12})^{12 \cdot 5} = 14533.57358 \dots

Round to the nearest hundredth:

14533.57

Amount : 14533.57

Exemplos populares

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