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3 years ago, Barry won some money in the lottery and put it in a bank account that earns 12% interest compounded annually. If Barry currently has 1,000.00 in the bank account, how much interest has he earned?

Solution

3 years ago, Barry won some money in the lottery and put it in a bank account that earns 12% interest compounded annually. If Barry currently has 1, 000.00 in the bank account, how much interest has he earned?

Solution

Interest : 288.22

Solution steps

Translate the problem into an equation:

1000 = 711.78024 \dots + I

Solve for

I, 1000 = 711.78024 \dots + I : I = 288.22

Interest : 288.22

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