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Braden earned some money doing odd jobs last summer and put it in a savings account that earns 15% interest compounded annually. After 3 years, there is 400.00 in the account. How much did Braden earn doing odd jobs?

Solution

Solution

Principal : 263.01

Solution steps

Translate the problem into an equation:

400 = P (1 + \frac{0.15}{1})^{1 \cdot 3}

Solve for

P, 400 = P (1 + \frac{0.15}{1})^{1 \cdot 3} : P = 263.01

Principal : 263.01

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