Garrett earned some money doing odd jobs last summer and put it in a savings account that earns 3% interest compounded continuously. After 1 year, there is 800.00 in the account. How much did Garrett earn doing odd jobs?

Solution

Solution

Principal : 776.36

Solution steps

Translate the problem into an equation:

800 = P e^{0.03 \cdot 1}

Solve for

P, 800 = P e^{0.03 \cdot 1} : P = 776.36

Principal : 776.36

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