Vince earned some money doing odd jobs last summer and put it in a savings account that earns 3% interest compounded annually. After 10 years, there is 800.00 in the account. How much did Vince earn doing odd jobs?

Solution

Solution

Principal : 595.28

Solution steps

Translate the problem into an equation:

800 = P (1 + \frac{0.03}{1})^{1 \cdot 10}

Solve for

P, 800 = P (1 + \frac{0.03}{1})^{1 \cdot 10} : P = 595.28

Principal : 595.28

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