Jake is saving up money to buy a car. Jake puts 8,000.00 into an account which earns 6% interest, compounded annually. How much will he have in the account after 10 years?

Solution

Jake is saving up money to buy a car. Jake puts 8, 000.00 into an account which earns 6% interest, compounded annually. How much will he have in the account after 10 years?

Solution

Amount : 14326.78

étapes des solutions

Translate the problem into an equation:

A = 8000 (1 + \frac{0.06}{1})^{1 \cdot 10}

8000 (1 + \frac{0.06}{1})^{1 \cdot 10} = 14326.78157 \dots

Arrondir à hundredth la plus proche:

14326.78

Amount : 14326.78

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