Popular >

Marcy earned some money doing odd jobs last summer and put it in a savings account that earns 4% interest compounded monthly. After 5 years, there is 800.00 in the account. How much did Marcy earn doing odd jobs?

Solution

Solution

Principal : 655.2

Solution steps

Translate the problem into an equation:

800 = P (1 + \frac{0.04}{12})^{12 \cdot 5}

Solve for

P, 800 = P (1 + \frac{0.04}{12})^{12 \cdot 5} : P = 655.2

Principal : 655.2

Popular Examples

half of a number is 10 15 less than the product of 5 and a number The square root of the product of two numbers.The population of a city increases by 0.8% per year. If this year's population is 101,000, what will next year's population be, to the nearest individual?Find the final amount of money in an account if 2,200 is deposited at 5.5 % interest compounded weekly and the money is left for 9 years.