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Florence inherited some money from her grandfather and put it in a bank account that earns 5% interest compounded monthly. After 6 years, Florence had 600.00 in the bank account. How much interest did she earn?

Solution

Solution

Interest : 155.23

Solution steps

Translate the problem into an equation:

600 = 444.76805 \dots + I

Solve for

I, 600 = 444.76805 \dots + I : I = 155.23

Interest : 155.23

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