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Popular Word Problems >

Samir is saving up money to buy a car. Samir puts 7,000.00 into an account which earns 13% interest, compounded monthly. How much will he have in the account after 9 years?

Solution

S ami r i s s a v in g u p m o n ey t o b u y a c a r . S ami r p u t s 7, 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 h e ha v e in t h e a cco u n t a f t er 9 ye a rs ?

Solution

Amount : 22412.48

Solution steps

Translate the problem into an equation:

A = 7000 (1 + \frac{0.13}{12})^{12 \cdot 9}

7000 (1 + \frac{0.13}{12})^{12 \cdot 9} = 22412.48234 \dots

Round to the nearest hundredth:

22412.48

Amount : 22412.48

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