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Beliebt Word Problems >

Sophia is saving up money to buy a car. Sophia puts 8,000.00 into an account which earns 2% interest, compounded annually. How much will she have in the account after 8 years?

Lösung

S o p hia i s s a v in g u p m o n ey t o b u y a c a r . S o p hia p u t s 8, 000.00 in t o an a cco u n t w hi c h e a r n s 2% 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 ?

Lösung

Amount : 9373.28

Schritte zur Lösung

Translate the problem into an equation:

A = 8000 (1 + \frac{0.02}{1})^{1 \cdot 8}

8000 (1 + \frac{0.02}{1})^{1 \cdot 8} = 9373.27504 \dots

Round to the nearest hundredth:

9373.28

Amount : 9373.28

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