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Popular Word Problems >

Sandra is saving up money to buy a car. Sandra puts 9,937.00 into an account which earns 6% interest, compounded monthly. How much will she have in the account after 4 years?

Solution

S an d r a i s s a v in g u p m o n ey t o b u y a c a r . S an d r a p u t s 9, 937.00 in t o an a cco u n t w hi c h e a r n s 6% 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 4 ye a rs ?

Solution

Amount : 12624.85

Solution steps

Translate the problem into an equation:

A = 9937 (1 + \frac{0.06}{12})^{12 \cdot 4}

9937 (1 + \frac{0.06}{12})^{12 \cdot 4} = 12624.85079 \dots

Round to the nearest hundredth:

12624.85

Amount : 12624.85

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