Rafi puts 6,000.00 into an account to use for school expenses. The account earns 12% interest, compounded annually. How much will be in the account after 8 years?

Solution

Rafi puts 6, 000.00 into an account to use for school expenses. The account earns 12% interest, compounded annually. How much will be in the account after 8 years?

Solution

Amount : 14855.78

Solution steps

Translate the problem into an equation:

A = 6000 (1 + \frac{0.12}{1})^{1 \cdot 8}

6000 (1 + \frac{0.12}{1})^{1 \cdot 8} = 14855.77905 \dots

Round to the nearest hundredth:

14855.78

Amount : 14855.78

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