Jayla is saving up money to buy a car. Jayla puts 7,000.00 into an account which earns 3% interest, compounded monthly. How much will she have in the account after 3 years?

Solution

Jayla is saving up money to buy a car. Jayla puts 7, 000.00 into an account which earns 3% interest, compounded monthly. How much will she have in the account after 3 years?

Solution

Amount : 7658.36

Solution steps

Translate the problem into an equation:

A = 7000 (1 + \frac{0.03}{12})^{12 \cdot 3}

7000 (1 + \frac{0.03}{12})^{12 \cdot 3} = 7658.35980 \dots

Round to the nearest hundredth:

7658.36

Amount : 7658.36

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