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Kenny earned some money doing odd jobs last summer and put it in a savings account that earns 2% interest compounded monthly. After 4 years, there is 700.00 in the account. How much did Kenny earn doing odd jobs?

Solution

Solution

Principal : 646.22

Solution steps

Translate the problem into an equation:

700 = P (1 + \frac{0.02}{12})^{12 \cdot 4}

Solve for

P, 700 = P (1 + \frac{0.02}{12})^{12 \cdot 4} : P = 646.22

Principal : 646.22

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