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Popular Word Problems >

Abigail is saving up money to buy a car. Abigail puts 8,000.00 into an account which earns 3% interest, compounded monthly. How much will she have in the account after 2 years?

Solution

A bi g ai l i s s a v in g u p m o n ey t o b u y a c a r . A bi g ai l 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 3% 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 2 ye a rs ?

Solution

Amount : 8494.06

Solution steps

Translate the problem into an equation:

A = 8000 (1 + \frac{0.03}{12})^{12 \cdot 2}

8000 (1 + \frac{0.03}{12})^{12 \cdot 2} = 8494.05635 \dots

Round to the nearest hundredth:

8494.06

Amount : 8494.06

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