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Popular Word Problems >

Akira is saving up money to buy a car. Akira puts 5,000.00 into an account which earns 7% interest, compounded quarterly. How much will she have in the account after 10 years?

Solution

A ki r a i s s a v in g u p m o n ey t o b u y a c a r . A ki r a p u t s 5, 000.00 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 q u a r t er 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 10 ye a rs ?

Solution

Amount : 10007.99

Solution steps

Translate the problem into an equation:

A = 5000 (1 + \frac{0.07}{4})^{4 \cdot 10}

5000 (1 + \frac{0.07}{4})^{4 \cdot 10} = 10007.98671 \dots

Round to the nearest hundredth:

10007.99

Amount : 10007.99

Popular Examples

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