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Popular Word Problems >

Cole is saving up money to buy a car. Cole puts 8,000.00 into an account which earns 4% interest, compounded monthly. How much will he have in the account after 9 years??

Solution

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

Solution

Amount : 11459.77

Solution steps

Translate the problem into an equation:

A = 8000 (1 + \frac{0.04}{12})^{12 \cdot 9}

8000 (1 + \frac{0.04}{12})^{12 \cdot 9} = 11459.77264 \dots

Round to the nearest hundredth:

11459.77

Amount : 11459.77

Popular Examples

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