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Hector earned some money doing odd jobs last summer and put it in a savings account that earns 5% interest compounded quarterly. After 2 years, there is 1,000.00 in the account. How much did Hector earn doing odd jobs?Round your answer to the nearest cent.

Solution

Hector earned some money doing odd jobs last summer and put it in a savings account that earns 5% interest compounded quarterly. After 2 years, there is 1, 000.00 in the account. How much did Hector earn doing odd jobs?Round your answer to the nearest cent.

Solution

Principal : 905.4

Solution steps

Translate the problem into an equation:

1000 = P (1 + \frac{0.05}{4})^{4 \cdot 2}

Solve for

P, 1000 = P (1 + \frac{0.05}{4})^{4 \cdot 2} : P = 905.4

Principal : 905.4

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