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Populaire Word Problems >

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

Solution

M ia i s s a v in g u p m o n ey t o b u y a c a r . M ia p u t s 6, 000.00 in t o an a cco u n t w hi c h e a r n s 6% in t eres t, co m p o u n d e d q u a r t er 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 8 ye a rs ?

Solution

Amount : 9661.95

étapes des solutions

Translate the problem into an equation:

A = 6000 (1 + \frac{0.06}{4})^{4 \cdot 8}

6000 (1 + \frac{0.06}{4})^{4 \cdot 8} = 9661.94592 \dots

Arrondir à hundredth la plus proche:

9661.95

Amount : 9661.95

Exemples populaires

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