en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

Maureen is saving up money to buy a car. Maureen puts 10,000.00 into an account which earns 4% interest, compounded monthly. How much will she have in the account after 7 years?

Solution

M a u ree n i s s a v in g u p m o n ey t o b u y a c a r . M a u ree n p u t s 10, 000.00 in t o an a cco u n t w hi c h e a r n s 4% 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 : 13225.14

Solution steps

Translate the problem into an equation:

A = 10000 (1 + \frac{0.04}{12})^{12 \cdot 7}

10000 (1 + \frac{0.04}{12})^{12 \cdot 7} = 13225.13863 \dots

Round to the nearest hundredth:

13225.14

Amount : 13225.14

Popular Examples

Felix has 100 in an account that earns 5% interest compounded annually.To the nearest cent, how much interest will he earn in 2 years?0.2 of what number is 15 Huilan is 6 years older than Thomas. The sum of their ages is 56. What is Thomas's age?The radius of a circle is 14 ft. Find its circumference in terms of pipi.Find the accumulated value of an investment of 8,000 at 9% compounded continuously for 3 years.