Haley puts 7,896.00 into an account to use for school expenses. The account earns 3.63% interest, compounded monthly. How much will be in the account after 4 years?

Solution

Haley puts 7, 896.00 into an account to use for school expenses. The account earns 3.63% interest, compounded monthly. How much will be in the account after 4 years?

Solution

Amount : 9127.91

Solution steps

Translate the problem into an equation:

A = 7896 (1 + \frac{0.0363}{12})^{12 \cdot 4}

7896 (1 + \frac{0.0363}{12})^{12 \cdot 4} = 9127.91343 \dots

Round to the nearest hundredth:

9127.91

Amount : 9127.91

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