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Popular Word Problems >

Polly is saving up money to buy a car. Polly puts 6,000.00 into an account which earns 5% interest, compounded monthly. How much will she have in the account after 7 years?

Solution

P o ll y i s s a v in g u p m o n ey t o b u y a c a r . P o ll y p u t s 6, 000.00 in t o an a cco u n t w hi c h e a r n s 5% in t eres t, co m p o u n d e d m o n t h l 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 7 ye a rs ?

Solution

Amount : 8508.22

Solution steps

Translate the problem into an equation:

A = 6000 (1 + \frac{0.05}{12})^{12 \cdot 7}

6000 (1 + \frac{0.05}{12})^{12 \cdot 7} = 8508.21631 \dots

Round to the nearest hundredth:

8508.22

Amount : 8508.22

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