Nolan inherited some money from his grandfather and put it in a bank account that earns 9% interest compounded quarterly. After 5 years, Nolan had 800.00 in the bank account. How much interest did he earn?

Solution

Solution

Interest : 287.35

Solution steps

Translate the problem into an equation:

800 = 512.65317 \dots + I

Solve for

I, 800 = 512.65317 \dots + I : I = 287.35

Interest : 287.35

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