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

Solution

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

Solution

Interest : 549.48

Solution steps

Translate the problem into an equation:

1000 = 450.52346 \dots + I

Solve for

I, 1000 = 450.52346 \dots + I : I = 549.48

Interest : 549.48

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