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Popular Word Problems >

Quinn is saving up money to buy a car. Quinn puts 5,000.00 into an account which earns 11% interest, compounded monthly. How much will he have in the account after 4 years?

Solution

Q u inn i s s a v in g u p m o n ey t o b u y a c a r . Q u inn p u t s 5, 000.00 in t o an a cco u n t w hi c h e a r n s 11% 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 h e ha v e in t h e a cco u n t a f t er 4 ye a rs ?

Solution

Amount : 7747.99

Solution steps

Translate the problem into an equation:

A = 5000 (1 + \frac{0.11}{12})^{12 \cdot 4}

5000 (1 + \frac{0.11}{12})^{12 \cdot 4} = 7747.99023 \dots

Round to the nearest hundredth:

7747.99

Amount : 7747.99

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