en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

Kayla is saving up money to buy a car. Kayla puts 8,730.00 into an account which earns 14% interest, compounded annually. How much will she have in the account after 9 years?

Solution

K a y l a i s s a v in g u p m o n ey t o b u y a c a r . K a y l a p u t s 8, 730.00 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 s h e ha v e in t h e a cco u n t a f t er 9 ye a rs ?

Solution

Amount : 28389.51

Solution steps

Translate the problem into an equation:

A = 8730 (1 + \frac{0.14}{1})^{1 \cdot 9}

8730 (1 + \frac{0.14}{1})^{1 \cdot 9} = 28389.51058 \dots

Round to the nearest hundredth:

28389.51

Amount : 28389.51

Popular Examples

5/4 on a number recta You deposit 200 in an account. The account earns 10 simple interest in 4 years. What is the annual interest rate?%Jeniffer is 26 years old. The sum of the ages of Jeniffer and Tiffany is 54. How old is Tiffany?Four consecutive even integers sum to-20. What is the greatest of the 4 integers?Vincent puts 300.00 into an account to use for school expenses. The account earns 5% interest, compounded quarterly. How much will be in the account after 5 years?