4 years ago, Rosanne won some money in the lottery and put it in a bank account that earns 3% interest compounded monthly. If Rosanne currently has 100.00 in the bank account, how much interest has she earned?

Solution

Solution

Interest : 11.29

Solution steps

Translate the problem into an equation:

100 = 88.70532 \dots + I

Solve for

I, 100 = 88.70532 \dots + I : I = 11.29

Interest : 11.29

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