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Albert earned some money doing odd jobs last summer and put it in a savings account that earns 5% interest compounded annually. After 7 years, there is 400.00 in the account. How much did Albert earn doing odd jobs?

Solution

Solution

Principal : 284.27

Solution steps

Translate the problem into an equation:

400 = P (1 + \frac{0.05}{1})^{1 \cdot 7}

Solve for

P, 400 = P (1 + \frac{0.05}{1})^{1 \cdot 7} : P = 284.27

Principal : 284.27

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