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Kayla is saving up money to buy a car. Kayla puts 8,730.00 into an account which earns 14% interest, compounded annually. How much will she have in the account after 9 years?

Solution

Kayla is saving up money to buy a car. Kayla puts 8, 730.00 into an account which earns 14% interest, compounded annually. How much will she have in the account after 9 years?

Solution

Amount : 28389.51

Solution steps

Translate the problem into an equation:

A = 8730 (1 + \frac{0.14}{1})^{1 \cdot 9}

8730 (1 + \frac{0.14}{1})^{1 \cdot 9} = 28389.51058 \dots

Round to the nearest hundredth:

28389.51

Amount : 28389.51

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