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Emmy earned some money doing odd jobs last summer and put it in a savings account that earns 4% interest compounded monthly. After 4 years, there is 800.00 in the account. How much did Emmy earn doing odd jobs?Round your answer to the nearest cent.

Solution

Solution

Principal : 681.9

Solution steps

Translate the problem into an equation:

800 = P (1 + \frac{0.04}{12})^{12 \cdot 4}

Solve for

P, 800 = P (1 + \frac{0.04}{12})^{12 \cdot 4} : P = 681.9

Principal : 681.9

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