Popular >

Bonnie earned some money doing odd jobs last summer and put it in a savings account that earns 13% interest compounded monthly. After 10 years, there is 200.00 in the account. How much did Bonnie earn doing odd jobs?

Solution

Solution

Principal : 54.89

Solution steps

Translate the problem into an equation:

200 = P (1 + \frac{0.13}{12})^{12 \cdot 10}

Solve for

P, 200 = P (1 + \frac{0.13}{12})^{12 \cdot 10} : P = 54.89

Principal : 54.89

Popular Examples

Negative ten decreased by 3 times a number.Perry opened a savings account 8 years ago. The account earns 15% interest, compounded annually. If the current balance is 500.00, how much did he deposit initially?two numbers have a sum of 34 and a difference of 8 and write a pair of simultaneous 13 more than a number is 27 9000 dollars is placed in an account with an annual interest rate of 8%. How much will be in the account after 18 years, to the nearest cent?