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Stefan is saving up money to buy a car. Stefan puts 5,000.00 into an account which earns 13% interest, compounded annually. How much will he have in the account after 10 years?

Soluzione

Stefan is saving up money to buy a car. Stefan puts 5, 000.00 into an account which earns 13% interest, compounded annually. How much will he have in the account after 10 years?

Soluzione

Amount : 16972.84

Fasi della soluzione

Translate the problem into an equation:

A = 5000 (1 + \frac{0.13}{1})^{1 \cdot 10}

5000 (1 + \frac{0.13}{1})^{1 \cdot 10} = 16972.83694 \dots

Arrotondare all' hundredth più vicino:

16972.84

Amount : 16972.84

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