3 years ago, Jeanette won some money in the lottery and put it in a bank account that earns 3% interest compounded monthly. If Jeanette currently has 200.00 in the bank account, how much interest has she earned?

Solution

Solution

Interest : 17.19

Solution steps

Translate the problem into an equation:

200 = 182.80676 \dots + I

Solve for

I, 200 = 182.80676 \dots + I : I = 17.19

Interest : 17.19

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