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Popular Word Problems >

Nolan is saving up money to buy a car. Nolan puts 5,000.00 into an account which earns 13% interest, compounded annually. How much will he have in the account after 2 years?

Solution

N o l an i s s a v in g u p m o n ey t o b u y a c a r . N o l an p u t s 5, 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 ann u a ll 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 2 ye a rs ?

Solution

Amount : 6384.5

Solution steps

Translate the problem into an equation:

A = 5000 (1 + \frac{0.13}{1})^{1 \cdot 2}

5000 (1 + \frac{0.13}{1})^{1 \cdot 2} = 6384.5

Amount : 6384.5

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