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Popular Word Problems >

Jane is saving up money to buy a car. Jane puts 6,000.00 into an account which earns 6% interest, compounded monthly. How much will she have in the account after 3 years?

Solución

J an e i s s a v in g u p m o n ey t o b u y a c a r . J an e p u t s 6, 000.00 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 s h e ha v e in t h e a cco u n t a f t er 3 ye a rs ?

Solución

Amount : 7180.08

Pasos de solución

Translate the problem into an equation:

A = 6000 (1 + \frac{0.06}{12})^{12 \cdot 3}

6000 (1 + \frac{0.06}{12})^{12 \cdot 3} = 7180.08314 \dots

Redondear al más cercano hundredth:

7180.08

Amount : 7180.08

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