10 years ago, Anna won some money in the lottery and put it in a bank account that earns 14% interest compounded monthly. If Anna currently has 200.00 in the bank account, how much interest has she earned

Solution

Solution

Interest : 150.28

Solution steps

Translate the problem into an equation:

200 = 49.72068 \dots + I

Solve for

I, 200 = 49.72068 \dots + I : I = 150.28

Interest : 150.28

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