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Popular Word Problems >

Emma is saving up money to buy a car. Emma puts 7,000.00 into an account which earns 15% interest, compounded monthly. How much will she have in the account after 8 years?

Solution

E mma i s s a v in g u p m o n ey t o b u y a c a r . E mma p u t s 7, 000.00 in t o an a cco u n t w hi c h e a r n s 15% 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 8 ye a rs ?

Solution

Amount : 23068.59

Solution steps

Translate the problem into an equation:

A = 7000 (1 + \frac{0.15}{12})^{12 \cdot 8}

7000 (1 + \frac{0.15}{12})^{12 \cdot 8} = 23068.59269 \dots

Round to the nearest hundredth:

23068.59

Amount : 23068.59

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