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Kathleen earned some money doing odd jobs last summer and put it in a savings account that earns 4% interest compounded annually. After 7 years, there is 100.00 in the account. How much did Kathleen earn doing odd jobs?Round your answer to the nearest cent.

Solution

Solution

Principal : 75.99

Solution steps

Translate the problem into an equation:

100 = P (1 + \frac{0.04}{1})^{1 \cdot 7}

Solve for

P, 100 = P (1 + \frac{0.04}{1})^{1 \cdot 7} : P = 75.99

Principal : 75.99

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