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Popular Word Problems >

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?

Solução

Z a c ha ry p u t s 8, 000.00 in t o an a cco u n t t o u se f or sc h oo l e x p e n ses . T h e a cco u n t e a r n s 6% 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 b e in t h e a cco u n t a f t er 4 ye a rs ?

Solução

Amount : 10099.82

Passos da solução

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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