Sophia earned some money doing odd jobs last summer and put it in a savings account that earns 9% interest compounded annually. After 3 years, there is 300.00 in the account. How much did Sophia earn doing odd jobs?

Solution

Solution

Principal : 231.66

Solution steps

Translate the problem into an equation:

300 = P (1 + \frac{0.09}{1})^{1 \cdot 3}

Solve for

P, 300 = P (1 + \frac{0.09}{1})^{1 \cdot 3} : P = 231.66

Principal : 231.66

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