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Porter earned some money doing odd jobs last summer and put it in a savings account that earns 11% interest compounded quarterly. After 3 years, there is 700.00 in the account. How much did Porter earn doing odd jobs?Round your answer to the nearest cent.

Solution

Solution

Principal : 505.49

Solution steps

Translate the problem into an equation:

700 = P (1 + \frac{0.11}{4})^{4 \cdot 3}

Solve for

P, 700 = P (1 + \frac{0.11}{4})^{4 \cdot 3} : P = 505.49

Principal : 505.49

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