Shivani is saving up money to buy a car. Shivani puts 9, 375 into an account which earns 9% interest compounded annually. How much will she have in the account after 5 years?

Solution

Solution

Amount : 14424.6

Solution steps

Translate the problem into an equation:

A = 9375 (1 + \frac{0.09}{1})^{1 \cdot 5}

9375 (1 + \frac{0.09}{1})^{1 \cdot 5} = 14424.59957 \dots

Round to the nearest hundredth:

14424.6

Amount : 14424.6

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