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شائع Word Problems >

Ryan is saving up money to buy a car. Ryan puts 6,852.00 into an account which earns 14% interest, compounded monthly. How much will he have in the account after 8 years?

الحلّ

R y an i s s a v in g u p m o n ey t o b u y a c a r . R y an p u t s 6, 852.00 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 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 8 ye a rs ?

الحلّ

Amount : 20864.68

خطوات الحلّ

Translate the problem into an equation:

A = 6852 (1 + \frac{0.14}{12})^{12 \cdot 8}

6852 (1 + \frac{0.14}{12})^{12 \cdot 8} = 20864.67674 \dots

Round to the nearest hundredth:

20864.68

Amount : 20864.68

أمثلة شائعة

8 fewer than twice the number Suppose that 18,000is deposited for five years at 5% APR. Calculate the interest earned if interest is compounded semiannually. Round your answer to the nearest cent.Savannah opened a savings account 9 years ago. The account earns 5% interest, compounded continuously. If the current balance is 600.00, how much did she deposit initially?Jill is saving up money to buy a car. Jill puts 9,819.00 into an account which earns 4% interest, compounded monthly. How much will she have in the account after 8 years?find the future value of 500.000.00 due in 2 years if the interest rate is 6% compound quarterly