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Terrell is saving up money to buy a car. Terrell puts 6,977.00 into an account which earns 7.29% interest, compounded monthly. How much will he have in the account after 9 years?

Solution

Terrell is saving up money to buy a car. Terrell puts 6, 977.00 into an account which earns 7.29% interest, compounded monthly. How much will he have in the account after 9 years?

Solution

Amount : 13419.84

Solution steps

Translate the problem into an equation:

A = 6977 (1 + \frac{0.0729}{12})^{12 \cdot 9}

6977 (1 + \frac{0.0729}{12})^{12 \cdot 9} = 13419.83928 \dots

Round to the nearest hundredth:

13419.84

Amount : 13419.84

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