Popular >

2 years ago, Samir won some money in the lottery and put it in a bank account that earns 4% interest compounded quarterly. If Samir currently has 200.00 in the bank account, how much interest has he earned?

Solution

Solution

Interest : 15.3

Solution steps

Translate the problem into an equation:

200 = 184.69664 \dots + I

Solve for

I, 200 = 184.69664 \dots + I : I = 15.3

Interest : 15.3

Popular Examples

Deandre runs 9 miles in 87 minutes.How many miles does he run per minute?Find the balance in the account after the given period. 2400 deposit earning 3.9 % compounded monthly, after 2 years.48.4 is 66 2/3 of what number what is the area of a 4 sided polygon in a circle with a radius of 5cm Aaron opened a savings account and deposited 200.00. The account earns 5% interest, compounded annually. If he wants to use the money to buy a new bicycle in 3 years, how much will he be able to spend on the bike?