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Popular Word Problems >

Terrell is saving up money to buy a car. Terrell puts 6,977.00 into an account which earns 7.29% interest, compounded monthly. How much will he have in the account after 9 years?

Solution

T erre ll i s s a v in g u p m o n ey t o b u y a c a r . T erre ll p u t s 6, 977.00 in t o an a cco u n t w hi c h e a r n s 7.29% 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 9 ye a rs ?

Solution

Amount : 13419.84

Solution steps

Translate the problem into an equation:

A = 6977 (1 + \frac{0.0729}{12})^{12 \cdot 9}

6977 (1 + \frac{0.0729}{12})^{12 \cdot 9} = 13419.83928 \dots

Round to the nearest hundredth:

13419.84

Amount : 13419.84

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