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Popular Word Problems >

Becky is saving up money to buy a car. Becky puts 5,000.00 into an account which earns 6% interest, compounded annually. How much will she have in the account after 8 years?

Solution

B ec k y i s s a v in g u p m o n ey t o b u y a c a r . B ec k y p u t s 5, 000.00 in t o an a cco u n t w hi c h e a r n s 6% in t eres t, co m p o u n d e d ann u a ll y . Ho w m u c h w i ll s h e ha v e in t h e a cco u n t a f t er 8 ye a rs ?

Solution

Amount : 7969.24

Solution steps

Translate the problem into an equation:

A = 5000 (1 + \frac{0.06}{1})^{1 \cdot 8}

5000 (1 + \frac{0.06}{1})^{1 \cdot 8} = 7969.24037 \dots

Round to the nearest hundredth:

7969.24

Amount : 7969.24

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