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Popular Word Problems >

Haley puts 7,896.00 into an account to use for school expenses. The account earns 3.63% interest, compounded monthly. How much will be in the account after 4 years?

Solution

H a l ey p u t s 7, 896.00 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 3.63% 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 b e in t h e a cco u n t a f t er 4 ye a rs ?

Solution

Amount : 9127.91

Solution steps

Translate the problem into an equation:

A = 7896 (1 + \frac{0.0363}{12})^{12 \cdot 4}

7896 (1 + \frac{0.0363}{12})^{12 \cdot 4} = 9127.91343 \dots

Round to the nearest hundredth:

9127.91

Amount : 9127.91

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