Popular >

Bert earned some money doing odd jobs last summer and put it in a savings account that earns 5% interest compounded quarterly. After 4 years, there is 1,000.00 in the account. How much did Bert earn doing odd jobs?

Solution

Bert earned some money doing odd jobs last summer and put it in a savings account that earns 5% interest compounded quarterly. After 4 years, there is 1, 000.00 in the account. How much did Bert earn doing odd jobs?

Solution

Principal : 819.75

Solution steps

Translate the problem into an equation:

1000 = P (1 + \frac{0.05}{4})^{4 \cdot 4}

Solve for

P, 1000 = P (1 + \frac{0.05}{4})^{4 \cdot 4} : P = 819.75

Principal : 819.75

Popular Examples

Sophia is saving up money to buy a car. Sophia puts 8,000.00 into an account which earns 2% interest, compounded annually. How much will she have in the account after 8 years?ten less than the quotient of a number and 5 Alice had 19 candies. She gave 6 candies to her brother. How many candies does Alice have now?The perimeter of a rectangular garden is 314m :If the width of the garden is 65m , what is its length?The product of two consecutive positive integers is 552.