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Popular Word Problems >

Chad is saving up money to buy a car. Chad puts 8,519.00 into an account which earns 14% interest, compounded annually. How much will he have in the account after 10 years?

Solution

C ha d i s s a v in g u p m o n ey t o b u y a c a r . C ha d p u t s 8, 519.00 in t o an a cco u n t w hi c h e a r n s 14% 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 10 ye a rs ?

Solution

Amount : 31581.82

Solution steps

Translate the problem into an equation:

A = 8519 (1 + \frac{0.14}{1})^{1 \cdot 10}

8519 (1 + \frac{0.14}{1})^{1 \cdot 10} = 31581.81837 \dots

Round to the nearest hundredth:

31581.82

Amount : 31581.82

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