Jared is saving up money to buy a car. Jared puts 5,961.00 into an account which earns 13% interest, compounded monthly. How much will he have in the account after 7 years?

Solution

Jared is saving up money to buy a car. Jared puts 5, 961.00 into an account which earns 13% interest, compounded monthly. How much will he have in the account after 7 years?

Solution

Amount : 14736.75

Solution steps

Translate the problem into an equation:

A = 5961 (1 + \frac{0.13}{12})^{12 \cdot 7}

5961 (1 + \frac{0.13}{12})^{12 \cdot 7} = 14736.75035 \dots

Round to the nearest hundredth:

14736.75

Amount : 14736.75

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