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Estelle inherited some money from her grandfather and put it in a bank account that earns 9% interest compounded monthly. After 2 years, Estelle had 700.00 in the bank account. How much interest did she earn?

Solution

Solution

Interest : 114.92

Solution steps

Translate the problem into an equation:

700 = 585.08198 \dots + I

Solve for

I, 700 = 585.08198 \dots + I : I = 114.92

Interest : 114.92

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