Zachary puts 8,000.00 into an account to use for school expenses. The account earns 6% interest, compounded annually. How much will be in the account after 4 years?

Solution

Zachary puts 8, 000.00 into an account to use for school expenses. The account earns 6% interest, compounded annually. How much will be in the account after 4 years?

Solution

Amount : 10099.82

Solution steps

Translate the problem into an equation:

A = 8000 (1 + \frac{0.06}{1})^{1 \cdot 4}

8000 (1 + \frac{0.06}{1})^{1 \cdot 4} = 10099.81568

Round to the nearest hundredth:

10099.82

Amount : 10099.82

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