Matthew is saving up money to buy a car. Matthew puts 9,279.00 into an account which earns 1% interest, compounded annually. How much will he have in the account after 7 years?

Solution

Matthew is saving up money to buy a car. Matthew puts 9, 279.00 into an account which earns 1% interest, compounded annually. How much will he have in the account after 7 years?

Solution

Amount : 9948.34

Solution steps

Translate the problem into an equation:

A = 9279 (1 + \frac{0.01}{1})^{1 \cdot 7}

9279 (1 + \frac{0.01}{1})^{1 \cdot 7} = 9948.34393 \dots

Round to the nearest hundredth:

9948.34

Amount : 9948.34

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