en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

Zachary puts 8,000.00 into an account to use for school expenses. The account earns 6% interest, compounded annually. How much will be in the account after 4 years?

Solution

Z a c ha ry p u t s 8, 000.00 in t o an a cco u n t t o u se f or sc h oo l e x p e n ses . T h e a cco u n t e a r n s 6% in t eres t, co m p o u n d e d ann u a ll y . Ho w m u c h w i ll b e in t h e a cco u n t a f t er 4 ye a rs ?

Solution

Amount : 10099.82

Solution steps

Translate the problem into an equation:

A = 8000 (1 + \frac{0.06}{1})^{1 \cdot 4}

8000 (1 + \frac{0.06}{1})^{1 \cdot 4} = 10099.81568

Round to the nearest hundredth:

10099.82

Amount : 10099.82

Popular Examples

15 more than the product of 2 and a number Philip's bill for brunch at a restaurant was \$9. He left a15% tip. What was the total cost of his brunch,including tip?The diameter of a circle is 16 yards. What is the circle's circumference?Kevin is 39 years old and Daniel is 3 years old.How many years will it take until Kevin is only 4 times as old as Daniel?A number times 5, minus 6, is 8