en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular 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?

Solution

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 ?

Solution

Amount : 9373.28

Solution steps

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

Popular Examples

25% of what number is 39 what number is 180 percent of 55 ten less than the quotient of a number and 5 Alice had 19 candies. She gave 6 candies to her brother. How many candies does Alice have now?The perimeter of a rectangular garden is 314m :If the width of the garden is 65m , what is its length?