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Cooper earned some money doing odd jobs last summer and put it in a savings account that earns 6% interest compounded annually. After 3 years, there is 500.00 in the account. How much did Cooper earn doing odd jobs? Round to your answer to the nearest cent

Solution

Solution

Principal : 419.81

Solution steps

Translate the problem into an equation:

500 = P (1 + \frac{0.06}{1})^{1 \cdot 3}

Solve for

P, 500 = P (1 + \frac{0.06}{1})^{1 \cdot 3} : P = 419.81

Principal : 419.81

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