Jared is saving up money to buy a car. Jared puts 7,966.00 into an account which earns 7% interest, compounded annually. How much will he have in the account after 9 years?

Solution

Jared is saving up money to buy a car. Jared puts 7, 966.00 into an account which earns 7% interest, compounded annually. How much will he have in the account after 9 years?

Solution

Amount : 14645.17

Solution steps

Translate the problem into an equation:

A = 7966 (1 + \frac{0.07}{1})^{1 \cdot 9}

7966 (1 + \frac{0.07}{1})^{1 \cdot 9} = 14645.16608 \dots

Round to the nearest hundredth:

14645.17

Amount : 14645.17

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