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Popular Word Problems >

Jill is saving up money to buy a car. Jill puts 9,819.00 into an account which earns 4% interest, compounded monthly. How much will she have in the account after 8 years?

Solución

J i ll i s s a v in g u p m o n ey t o b u y a c a r . J i ll p u t s 9, 819.00 in t o an a cco u n t w hi c h e a r n s 4% 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 s h e ha v e in t h e a cco u n t a f t er 8 ye a rs ?

Solución

Amount : 13514.82

Pasos de solución

Translate the problem into an equation:

A = 9819 (1 + \frac{0.04}{12})^{12 \cdot 8}

9819 (1 + \frac{0.04}{12})^{12 \cdot 8} = 13514.82367 \dots

Redondear al más cercano hundredth:

13514.82

Amount : 13514.82

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