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Popular Word Problems >

Norma is saving up money to buy a car. Norma puts 7,025.00 into an account which earns 12.28% interest, compounded annually. How much will she have in the account after 8 years?

Solution

magnitude

i s s a v in g u p m o n ey t o b u y a c a r . N or ma p u t s 7, 025.00 in t o an a cco u n t w hi c h e a r n s 12.28% 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 8 ye a rs ?

Solution

Amount : 17744.57

Solution steps

Translate the problem into an equation:

A = 7025 (1 + \frac{0.1228}{1})^{1 \cdot 8}

7025 (1 + \frac{0.1228}{1})^{1 \cdot 8} = 17744.57329 \dots

Round to the nearest hundredth:

17744.57

Amount : 17744.57

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