2 years ago, Ian won some money in the lottery and put it in a bank account that earns 4% interest compounded annually. If Ian currently has 200.00 in the bank account, how much interest has he earned?

Solution

Solution

Interest : 15.09

Solution steps

Translate the problem into an equation:

200 = 184.91124 \dots + I

Solve for

I, 200 = 184.91124 \dots + I : I = 15.09

Interest : 15.09

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