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Marshall earned some money doing odd jobs last summer and put it in a savings account that earns 7% interest compounded quarterly. After 10 years, there is 400.00 in the account. How much did Marshall earn doing odd jobs?

Solution

Solution

Principal : 199.84

Solution steps

Translate the problem into an equation:

400 = P (1 + \frac{0.07}{4})^{4 \cdot 10}

Solve for

P, 400 = P (1 + \frac{0.07}{4})^{4 \cdot 10} : P = 199.84

Principal : 199.84

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