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Quinn is saving up money to buy a car. Quinn puts 7,041.00 into an account which earns 7% interest, compounded monthly. How much will he have in the account after 2 years?

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Solution

Quinn is saving up money to buy a car. Quinn puts 7, 041.00 into an account which earns 7% interest, compounded monthly. How much will he have in the account after 2 years?

Solution

Amount : 8095.78

Solution steps

Translate the problem into an equation:

A = 7041 (1 + \frac{0.07}{12})^{12 \cdot 2}

7041 (1 + \frac{0.07}{12})^{12 \cdot 2} = 8095.78416 \dots

Round to the nearest hundredth:

8095.78

Amount : 8095.78

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