Britney earned some money doing odd jobs last summer and put it in a savings account that earns 15% interest compounded monthly. After 4 years, there is 700.00 in the account. How much did Britney earn doing odd jobs?

Solution

Solution

Principal : 385.6

Solution steps

Translate the problem into an equation:

700 = P (1 + \frac{0.15}{12})^{12 \cdot 4}

Solve for

P, 700 = P (1 + \frac{0.15}{12})^{12 \cdot 4} : P = 385.6

Principal : 385.6

Popular Examples

the sum of three consecutive odd numbers is 15 The sum of 7 times a number and 9 is 6 The sum of the largest and smallest of the numbers (−1)/4 , (−1)/3 , 0, 3/2 , 4/3 is the product of a number and 8 A computer with an original price of 850 is on sale at 15% off. What is the discount amount?