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Liz is saving up money to buy a car. Liz puts 7,000.00 into an account which earns 8% interest, compounded annually. How much will she have in the account after 7 years?

Solution

Liz is saving up money to buy a car. Liz puts 7, 000.00 into an account which earns 8% interest, compounded annually. How much will she have in the account after 7 years?

Solution

Amount : 11996.77

Solution steps

Translate the problem into an equation:

A = 7000 (1 + \frac{0.08}{1})^{1 \cdot 7}

7000 (1 + \frac{0.08}{1})^{1 \cdot 7} = 11996.76988 \dots

Round to the nearest hundredth:

11996.77

Amount : 11996.77

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