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Carrie is saving up money to buy a car. Carrie puts 6,000.00 into an account which earns 13% interest, compounded monthly. How much will she have in the account after 7 years?

Solution

Carrie is saving up money to buy a car. Carrie puts 6, 000.00 into an account which earns 13% interest, compounded monthly. How much will she have in the account after 7 years?

Solution

Amount : 14833.17

Solution steps

Translate the problem into an equation:

A = 6000 (1 + \frac{0.13}{12})^{12 \cdot 7}

6000 (1 + \frac{0.13}{12})^{12 \cdot 7} = 14833.16593 \dots

Round to the nearest hundredth:

14833.17

Amount : 14833.17

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