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Populaire Word Problems >

Jake is saving up money to buy a car. Jake puts 8,000.00 into an account which earns 6% interest, compounded annually. How much will he have in the account after 10 years?

Solution

J ak e i s s a v in g u p m o n ey t o b u y a c a r . J ak e p u t s 8, 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 ann u a ll 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 10 ye a rs ?

Solution

Amount : 14326.78

étapes des solutions

Translate the problem into an equation:

A = 8000 (1 + \frac{0.06}{1})^{1 \cdot 10}

8000 (1 + \frac{0.06}{1})^{1 \cdot 10} = 14326.78157 \dots

Arrondir à hundredth la plus proche:

14326.78

Amount : 14326.78

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