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Popular Word Problems >

Ryan is saving up money to buy a car. Ryan puts 6,852.00 into an account which earns 14% interest, compounded monthly. How much will he have in the account after 8 years?

Solução

R y an i s s a v in g u p m o n ey t o b u y a c a r . R y an p u t s 6, 852.00 in t o an a cco u n t w hi c h e a r n s 14% 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 h e ha v e in t h e a cco u n t a f t er 8 ye a rs ?

Solução

Amount : 20864.68

Passos da solução

Translate the problem into an equation:

A = 6852 (1 + \frac{0.14}{12})^{12 \cdot 8}

6852 (1 + \frac{0.14}{12})^{12 \cdot 8} = 20864.67674 \dots

Round to the nearest hundredth:

20864.68

Amount : 20864.68

Exemplos populares

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