Zane is saving up money to buy a car. Zane puts 10,000.00 into an account which earns 1% interest, compounded annually. How much will he have in the account after 9 years?

Solution

Zane is saving up money to buy a car. Zane puts 10, 000.00 into an account which earns 1% interest, compounded annually. How much will he have in the account after 9 years?

Solution

Amount : 10936.85

Solution steps

Translate the problem into an equation:

A = 10000 (1 + \frac{0.01}{1})^{1 \cdot 9}

10000 (1 + \frac{0.01}{1})^{1 \cdot 9} = 10936.85272 \dots

Round to the nearest hundredth:

10936.85

Amount : 10936.85

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