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Jim inherited some money from his grandfather and put it in a bank account that earns 1% interest compounded quarterly. After 7 years, Jim had 500.00 in the bank account. How much interest did he earn?

Solution

Solution

Interest : 33.76

Solution steps

Translate the problem into an equation:

500 = \frac{4 ^{28} \cdot 125}{1.93189 E 16} + I

Solve for

I, 500 = \frac{4 ^{28} \cdot 125}{1.93189 E 16} + I : I = 33.76

Interest : 33.76

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