Jill is saving up money to buy a car. Jill puts 9,819.00 into an account which earns 4% interest, compounded monthly. How much will she have in the account after 8 years?

Solution

Jill is saving up money to buy a car. Jill puts 9, 819.00 into an account which earns 4% interest, compounded monthly. How much will she have in the account after 8 years?

Solution

Amount : 13514.82

Solution steps

Translate the problem into an equation:

A = 9819 (1 + \frac{0.04}{12})^{12 \cdot 8}

9819 (1 + \frac{0.04}{12})^{12 \cdot 8} = 13514.82367 \dots

Round to the nearest hundredth:

13514.82

Amount : 13514.82

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