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Popular Word Problems >

Craig is saving up money to buy a car. Craig puts 8,000.00 into an account which earns 7% interest, compounded quarterly. How much will he have in the account after 3 years?

Solution

C r ai g i s s a v in g u p m o n ey t o b u y a c a r . C r ai g p u t s 8, 000.00 in t o an a cco u n t w hi c h e a r n s 7% in t eres t, co m p o u n d e d q u a r t er 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 3 ye a rs ?

Solution

Amount : 9851.51

Solution steps

Translate the problem into an equation:

A = 8000 (1 + \frac{0.07}{4})^{4 \cdot 3}

8000 (1 + \frac{0.07}{4})^{4 \cdot 3} = 9851.51451 \dots

Round to the nearest hundredth:

9851.51

Amount : 9851.51

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