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Walter earned some money doing odd jobs last summer and put it in a savings account that earns 15% interest compounded monthly. After 2 years, there is 1,000.00 in the account. How much did Walter earn doing odd jobs?Round your answer to the nearest cent.

Solution

Walter earned some money doing odd jobs last summer and put it in a savings account that earns 15% interest compounded monthly. After 2 years, there is 1, 000.00 in the account. How much did Walter earn doing odd jobs?Round your answer to the nearest cent.

Solution

Principal : 742.2

Solution steps

Translate the problem into an equation:

1000 = P (1 + \frac{0.15}{12})^{12 \cdot 2}

Solve for

P, 1000 = P (1 + \frac{0.15}{12})^{12 \cdot 2} : P = 742.2

Principal : 742.2

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