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Stefan is saving up money to buy a car. Stefan puts 6,000.00 into an account which earns 14% interest, compounded monthly. How much will he have in the account after 7 years?

Solution

Stefan is saving up money to buy a car. Stefan puts 6, 000.00 into an account which earns 14% interest, compounded monthly. How much will he have in the account after 7 years?

Solution

Amount : 15896.31

Solution steps

Translate the problem into an equation:

A = 6000 (1 + \frac{0.14}{12})^{12 \cdot 7}

6000 (1 + \frac{0.14}{12})^{12 \cdot 7} = 15896.30798 \dots

Round to the nearest hundredth:

15896.31

Amount : 15896.31

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