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Jane is saving up money to buy a car. Jane puts 6,000.00 into an account which earns 6% interest, compounded monthly. How much will she have in the account after 3 years?

Solution

Jane is saving up money to buy a car. Jane puts 6, 000.00 into an account which earns 6% interest, compounded monthly. How much will she have in the account after 3 years?

Solution

Amount : 7180.08

Solution steps

Translate the problem into an equation:

A = 6000 (1 + \frac{0.06}{12})^{12 \cdot 3}

6000 (1 + \frac{0.06}{12})^{12 \cdot 3} = 7180.08314 \dots

Round to the nearest hundredth:

7180.08

Amount : 7180.08

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