6 years ago, Jordan won some money in the lottery and put it in a bank account that earns 14% interest compounded quarterly. If Jordan currently has 700.00 in the bank account, how much interest has he earned?

Solution

Solution

Interest : 393.43

Solution steps

Translate the problem into an equation:

700 = 306.56999 \dots + I

Solve for

I, 700 = 306.56999 \dots + I : I = 393.43

Interest : 393.43

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