Jamie opened a savings account and deposited 800.00 as principal. The account earns 13% interest, compounded monthly. How much interest will he earn after 10 years?

Solution

Solution

Interest : 2114.99

Solution steps

Translate the problem into an equation:

2914.98661 \dots = 800 + I

Solve for

I, 2914.98661 \dots = 800 + I : I = 2114.99

Interest : 2114.99

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