Jonah inherited some money from his grandfather and put it in a bank account that earns 6% interest compounded annually. After 5 years, Jonah had 600.00 in the bank account. How much interest did he earn?

Solution

Solution

Interest : 151.65

Solution steps

Translate the problem into an equation:

600 = 448.35490 \dots + I

Solve for

I, 600 = 448.35490 \dots + I : I = 151.65

Interest : 151.65

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