en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

Carrie is saving up money to buy a car. Carrie puts 6,000.00 into an account which earns 13% interest, compounded monthly. How much will she have in the account after 7 years?

Solution

C a rr i e i s s a v in g u p m o n ey t o b u y a c a r . C a rr i e 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 13% 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 : 14833.17

Solution steps

Translate the problem into an equation:

A = 6000 (1 + \frac{0.13}{12})^{12 \cdot 7}

6000 (1 + \frac{0.13}{12})^{12 \cdot 7} = 14833.16593 \dots

Round to the nearest hundredth:

14833.17

Amount : 14833.17

Popular Examples

5 more than twice a number Amanda invests 9200 in a new savings account which earns 3.4% annual interest, compounded quarterly. What will be the value of her investment after 4 years? Round to the nearest cent.Ellie has 50 in a savings account.The interest rate is10% per year and is not compounded.How much interest will she earn in 3 years?35% of what number is 77 four more than the product of a number and 5 is 3