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Raymond earned some money doing odd jobs last summer and put it in a savings account that earns 15% interest compounded monthly. After 10 years, there is 600.00 in the account. How much did Raymond earn doing odd jobs

Solution

Solution

Principal : 135.13

Solution steps

Translate the problem into an equation:

600 = P (1 + \frac{0.15}{12})^{12 \cdot 10}

Solve for

P, 600 = P (1 + \frac{0.15}{12})^{12 \cdot 10} : P = 135.13

Principal : 135.13

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