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Steve is saving up money to buy a car. Steve puts 10,000.00 into an account which earns 8% interest, compounded monthly. How much will he have in the account after 10 years?

Solution

Steve is saving up money to buy a car. Steve puts 10, 000.00 into an account which earns 8% interest, compounded monthly. How much will he have in the account after 10 years?

Solution

Amount : 22196.4

Solution steps

Translate the problem into an equation:

A = 10000 (1 + \frac{0.08}{12})^{12 \cdot 10}

10000 (1 + \frac{0.08}{12})^{12 \cdot 10} = 22196.40234 \dots

Round to the nearest hundredth:

22196.4

Amount : 22196.4

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