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Popular Word Problems >

Steve is saving up money to buy a car. Steve puts 10,000.00 into an account which earns 8% interest, compounded monthly. How much will he have in the account after 10 years?

Solution

St e v e i s s a v in g u p m o n ey t o b u y a c a r . St e v e p u t s 10, 000.00 in t o an a cco u n t w hi c h e a r n s 8% 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 10 ye a rs ?

Solution

Amount : 22196.4

Solution steps

Translate the problem into an equation:

A = 10000 (1 + \frac{0.08}{12})^{12 \cdot 10}

10000 (1 + \frac{0.08}{12})^{12 \cdot 10} = 22196.40234 \dots

Round to the nearest hundredth:

22196.4

Amount : 22196.4

Popular Examples

There are two mystery numbers. The sum of 10 times the first number and 2 times the second number is 54. The sum of 4 times the first number and 4 times the second number is 28. What are the two numbers?7 more than the first number John is 5 years more than 6 times as old as jude. The sum of their ages is 33. Find their ages Alex is a quarter the age of Jenny. In 4 years time, Jenny will be 3 times the age of Alex.How old is Jenny now?six less than the product of 9 and a number is equal to 7