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Maureen is saving up money to buy a car. Maureen puts 10,000.00 into an account which earns 4% interest, compounded monthly. How much will she have in the account after 7 years?

Solution

Maureen is saving up money to buy a car. Maureen puts 10, 000.00 into an account which earns 4% interest, compounded monthly. How much will she have in the account after 7 years?

Solution

Amount : 13225.14

Solution steps

Translate the problem into an equation:

A = 10000 (1 + \frac{0.04}{12})^{12 \cdot 7}

10000 (1 + \frac{0.04}{12})^{12 \cdot 7} = 13225.13863 \dots

Round to the nearest hundredth:

13225.14

Amount : 13225.14

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