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Billy inherited some money from his grandfather and put it in a bank account that earns 14% interest compounded quarterly. After 3 years, Billy had 600.00 in the bank account. How much interest did he earn?

Solution

Solution

Interest : 202.93

Solution steps

Translate the problem into an equation:

600 = 397.06997 \dots + I

Solve for

I, 600 = 397.06997 \dots + I : I = 202.93

Interest : 202.93

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