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Alexandra earned some money doing odd jobs last summer and put it in a savings account that earns 10% interest compounded annually. After 3 years, there is 600.00 in the account. How much did Alexandra earn doing odd jobs?Round your answer to the nearest cent.

Solution

Solution

Principal : 450.79

Solution steps

Translate the problem into an equation:

600 = P (1 + \frac{0.1}{1})^{1 \cdot 3}

Solve for

P, 600 = P (1 + \frac{0.1}{1})^{1 \cdot 3} : P = 450.79

Principal : 450.79

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