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Jackson inherited some money from his grandfather and put it in a bank account that earns 10% interest compounded annually. After 8 years, Jackson had 1,000.00 in the bank account. How much interest did he earn?

Solution

Jackson inherited some money from his grandfather and put it in a bank account that earns 10% interest compounded annually. After 8 years, Jackson had 1, 000.00 in the bank account. How much interest did he earn?

Solution

Interest : 533.49

Solution steps

Translate the problem into an equation:

1000 = 466.50738 \dots + I

Solve for

I, 1000 = 466.50738 \dots + I : I = 533.49

Interest : 533.49

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