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Popular Word Problems >

Jared is saving up money to buy a car. Jared puts 5,961.00 into an account which earns 13% interest, compounded monthly. How much will he have in the account after 7 years?

Solução

J a re d i s s a v in g u p m o n ey t o b u y a c a r . J a re d p u t s 5, 961.00 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 7 ye a rs ?

Solução

Amount : 14736.75

Passos da solução

Translate the problem into an equation:

A = 5961 (1 + \frac{0.13}{12})^{12 \cdot 7}

5961 (1 + \frac{0.13}{12})^{12 \cdot 7} = 14736.75035 \dots

Round to the nearest hundredth:

14736.75

Amount : 14736.75

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