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Popular Word Problems >

Sandeep is saving up money to buy a car. Sandeep puts 8,401.00 into an account which earns 7% interest, compounded monthly. How much will he have in the account after 5 years?

Solution

S an d ee p 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 ee p p u t s 8, 401.00 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 5 ye a rs ?

Solution

Amount : 11909.47

Solution steps

Translate the problem into an equation:

A = 8401 (1 + \frac{0.07}{12})^{12 \cdot 5}

8401 (1 + \frac{0.07}{12})^{12 \cdot 5} = 11909.46980 \dots

Round to the nearest hundredth:

11909.47

Amount : 11909.47

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