Popular >

Grayson earned some money doing odd jobs last summer and put it in a savings account that earns 7% interest compounded quarterly. After 8 years, there is 200.00 in the account. How much did Grayson earn doing odd jobs?

Solution

Solution

Principal : 114.8

Solution steps

Translate the problem into an equation:

200 = P (1 + \frac{0.07}{4})^{4 \cdot 8}

Solve for

P, 200 = P (1 + \frac{0.07}{4})^{4 \cdot 8} : P = 114.8

Principal : 114.8

Popular Examples

the sum of three consecutive even integers is 330 Find the future value and interest earned if 8704.56 is invested for 8 years at 6% compounded semiannually a number decreased by 7 is less than-6 Joseph has a loyalty card good for a 9% discount at his local grocery store. What would his total in dollars and cents be, after the discount and before tax, if the total cost of all the items he wants to buy is 37? Round to the nearest cent.Find four consecutive odd integers whose sum is 56.