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Popular Word Problems >

Kamal is saving up money to buy a car. Kamal puts 6,831.00 into an account which earns 6% interest, compounded monthly. How much will he have in the account after 2 years?

Solução

K ama l i s s a v in g u p m o n ey t o b u y a c a r . K ama l p u t s 6, 831.00 in t o an a cco u n t w hi c h e a r n s 6% 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 2 ye a rs ?

Solução

Amount : 7699.63

Passos da solução

Translate the problem into an equation:

A = 6831 (1 + \frac{0.06}{12})^{12 \cdot 2}

6831 (1 + \frac{0.06}{12})^{12 \cdot 2} = 7699.62843 \dots

Round to the nearest hundredth:

7699.63

Amount : 7699.63

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