Bonnie is saving up money to buy a car. Bonnie puts 10,000.00 into an account which earns 9% interest, compounded annually. How much will she have in the account after 9 years?

Solution

Bonnie is saving up money to buy a car. Bonnie puts 10, 000.00 into an account which earns 9% interest, compounded annually. How much will she have in the account after 9 years?

Solution

Amount : 21718.93

Solution steps

Translate the problem into an equation:

A = 10000 (1 + \frac{0.09}{1})^{1 \cdot 9}

10000 (1 + \frac{0.09}{1})^{1 \cdot 9} = 21718.93279 \dots

Round to the nearest hundredth:

21718.93

Amount : 21718.93

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