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Carly inherited some money from her grandfather and put it in a bank account that earns 11% interest compounded monthly. After 8 years, Carly had 1,000.00 in the bank account. How much interest did she earn?

Solution

Carly inherited some money from her grandfather and put it in a bank account that earns 11% interest compounded monthly. After 8 years, Carly had 1, 000.00 in the bank account. How much interest did she earn?

Solution

Interest : 583.55

Solution steps

Translate the problem into an equation:

1000 = 416.44905 \dots + I

Solve for

I, 1000 = 416.44905 \dots + I : I = 583.55

Interest : 583.55

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