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Popular Word Problems >

Vince is saving up money to buy a car. Vince puts 7,000.00 into an account which earns 3% interest, compounded annually. How much will he have in the account after 10 years?

Solução

Vin ce i s s a v in g u p m o n ey t o b u y a c a r . Vin ce p u t s 7, 000.00 in t o an a cco u n t w hi c h e a r n s 3% in t eres t, co m p o u n d e d ann u a ll y . Ho w m u c h w i ll h e ha v e in t h e a cco u n t a f t er 10 ye a rs ?

Solução

Amount : 9407.41

Passos da solução

Translate the problem into an equation:

A = 7000 (1 + \frac{0.03}{1})^{1 \cdot 10}

7000 (1 + \frac{0.03}{1})^{1 \cdot 10} = 9407.41465 \dots

Round to the nearest hundredth:

9407.41

Amount : 9407.41

Exemplos populares

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