9 years ago, Daniel won some money in the lottery and put it in a bank account that earns 14% interest compounded monthly. If Daniel currently has 700.00 in the bank account, how much interest has he earned?

Solution

Solution

Interest : 499.99

Solution steps

Translate the problem into an equation:

700 = 200.01125 \dots + I

Solve for

I, 700 = 200.01125 \dots + I : I = 499.99

Interest : 499.99

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