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Rebecca puts 5,000.00 into an account to use for school expenses. The account earns 8% interest, compounded monthly. How much will be in the account after 8 years?

Solution

Rebecca puts 5, 000.00 into an account to use for school expenses. The account earns 8% interest, compounded monthly. How much will be in the account after 8 years?

Solution

Amount : 9462.29

Solution steps

Translate the problem into an equation:

A = 5000 (1 + \frac{0.08}{12})^{12 \cdot 8}

5000 (1 + \frac{0.08}{12})^{12 \cdot 8} = 9462.28609 \dots

Round to the nearest hundredth:

9462.29

Amount : 9462.29

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