Hansen is saving up money to buy a car. Hansen puts 8,000.00 into an account which earns 10% interest, compounded monthly. How much will he have in the account after 2 years?

Solución

Hansen is saving up money to buy a car. Hansen puts 8, 000.00 into an account which earns 10% interest, compounded monthly. How much will he have in the account after 2 years?

Solución

Amount : 9763.13

Pasos de solución

Translate the problem into an equation:

A = 8000 (1 + \frac{0.1}{12})^{12 \cdot 2}

8000 (1 + \frac{0.1}{12})^{12 \cdot 2} = 9763.12769 \dots

Round to the nearest hundredth:

9763.13

Amount : 9763.13

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