10 years ago, Lee won some money in the lottery and put it in a bank account that earns 5% interest compounded quarterly. If Lee currently has 300.00 in the bank account, how much interest has he earned?

Solution

Solution

Interest : 117.48

Solution steps

Translate the problem into an equation:

300 = 182.52400 \dots + I

Solve for

I, 300 = 182.52400 \dots + I : I = 117.48

Interest : 117.48

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