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Popular Word Problems >

Hansen is saving up money to buy a car. Hansen puts 8,000.00 into an account which earns 10% interest, compounded monthly. How much will he have in the account after 2 years?

Solution

H an se n i s s a v in g u p m o n ey t o b u y a c a r . H an se n 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 10% 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 2 ye a rs ?

Solution

Amount : 9763.13

Solution steps

Translate the problem into an equation:

A = 8000 (1 + \frac{0.1}{12})^{12 \cdot 2}

8000 (1 + \frac{0.1}{12})^{12 \cdot 2} = 9763.12769 \dots

Round to the nearest hundredth:

9763.13

Amount : 9763.13

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