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Cole is saving up money to buy a car. Cole puts 8,000.00 into an account which earns 4% interest, compounded monthly. How much will he have in the account after 9 years??

Solution

Cole is saving up money to buy a car. Cole puts 8, 000.00 into an account which earns 4% interest, compounded monthly. How much will he have in the account after 9 years??

Solution

Amount : 11459.77

Solution steps

Translate the problem into an equation:

A = 8000 (1 + \frac{0.04}{12})^{12 \cdot 9}

8000 (1 + \frac{0.04}{12})^{12 \cdot 9} = 11459.77264 \dots

Round to the nearest hundredth:

11459.77

Amount : 11459.77

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