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Popular Word Problems >

Quinn is saving up money to buy a car. Quinn puts 7,041.00 into an account which earns 7% interest, compounded monthly. How much will he have in the account after 2 years?

Solution

Q u inn i s s a v in g u p m o n ey t o b u y a c a r . Q u inn p u t s 7, 041.00 in t o an a cco u n t w hi c h e a r n s 7% 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 : 8095.78

Solution steps

Translate the problem into an equation:

A = 7041 (1 + \frac{0.07}{12})^{12 \cdot 2}

7041 (1 + \frac{0.07}{12})^{12 \cdot 2} = 8095.78416 \dots

Round to the nearest hundredth:

8095.78

Amount : 8095.78

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