Tristan inherited some money from his grandfather and put it in a bank account that earns 7% interest compounded monthly. After 9 years, Tristan had 1,000.00 in the bank account. How much interest did he earn?

Solution

Tristan inherited some money from his grandfather and put it in a bank account that earns 7% interest compounded monthly. After 9 years, Tristan had 1, 000.00 in the bank account. How much interest did he earn?

Solution

Interest : 466.43

Solution steps

Translate the problem into an equation:

1000 = 533.56754 \dots + I

Solve for

I, 1000 = 533.56754 \dots + I : I = 466.43

Interest : 466.43

Popular Examples

fives time a number, increased by 3 is 85 The area of a circle is 100pi square feet. What is the radius?the sum of 2 consecutive numbers, both squared, is 13 tommy had 2 apples and then he bought 7 more apples. how much does he have now?What number is 8% larger than 230