Popular >

Cody is saving up money to buy a car. Cody puts 8,000.00 into an account which earns 2% interest, compounded annually. How much will he have in the account after 7 years?

Solution

Cody is saving up money to buy a car. Cody puts 8, 000.00 into an account which earns 2% interest, compounded annually. How much will he have in the account after 7 years?

Solution

Amount : 9189.49

Solution steps

Translate the problem into an equation:

A = 8000 (1 + \frac{0.02}{1})^{1 \cdot 7}

8000 (1 + \frac{0.02}{1})^{1 \cdot 7} = 9189.48534 \dots

Round to the nearest hundredth:

9189.49

Amount : 9189.49

Popular Examples

two more than three times a number is eight more than that number. find the number Lorenzo took out a loan from a bank at 14% interest compounded annually. After 3 years, the balance on the loan was 8,000.00. How much interest had accumulated on the loan?The sum of two numbers is 18. Their difference is-8 Find the two numbers Keddy bought a soft toy at a discount of 40%.After discount, the price is 24.What is the usual price of the soft toy?A number more than 3.