Popular >

Abigail is saving up money to buy a car. Abigail puts 8,000.00 into an account which earns 3% interest, compounded monthly. How much will she have in the account after 2 years?

Pre Algebra
Algebra
Pre Calculus
Calculus
Functions
Linear Algebra
Matrices & Vectors
Trigonometry
Statistics
Physics
Chemistry
Finance
Economics
Conversions

Solution

Abigail is saving up money to buy a car. Abigail puts 8, 000.00 into an account which earns 3% interest, compounded monthly. How much will she have in the account after 2 years?

Solution

Amount : 8494.06

Solution steps

Translate the problem into an equation:

A = 8000 (1 + \frac{0.03}{12})^{12 \cdot 2}

8000 (1 + \frac{0.03}{12})^{12 \cdot 2} = 8494.05635 \dots

Round to the nearest hundredth:

8494.06

Amount : 8494.06

Popular Examples

A square has a perimeter of 32 cm . What is the length of each side?The sum of two numbers is 7 2/3. If one number is 4 1/6, what is the other number?The diameter of a circle is 3 cm. Find the circumference the sum of two numbers is 9 and their difference is 13 Find three consecutive integers such that the square of the first, added to the last, is 8.