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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?

Solução

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 ?

Solução

Amount : 28389.51

Passos da solução

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

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