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Hunter inherited some money from his grandfather and put it in a bank account that earns 1% interest compounded annually. After 6 years, Hunter had 700.00 in the bank account. How much interest did he earn?Round your answer to the nearest cent.

Solution

Solution

Interest : 40.57

Solution steps

Translate the problem into an equation:

700 = 659.43166 \dots + I

Solve for

I, 700 = 659.43166 \dots + I : I = 40.57

Interest : 40.57

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