6 years ago, Greg won some money in the lottery and put it in a bank account that earns 1% interest compounded monthly. If Greg currently has 100.00 in the bank account, how much interest has he earned?

Solution

Solution

Interest : 5.82

Solution steps

Translate the problem into an equation:

100 = 94.17880 \dots + I

Solve for

I, 100 = 94.17880 \dots + I : I = 5.82

Interest : 5.82

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