Jason opened a savings account and deposited 600.00 as principal. The account earns 15% interest, compounded annually. How much interest will he earn after 9 years?

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Solution

Solution

Interest : 1510.73

Solution steps

Translate the problem into an equation:

2110.72577 \dots = 600 + I

Solve for

I, 2110.72577 \dots = 600 + I : I = 1510.73

Interest : 1510.73

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