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Brett earned some money doing odd jobs last summer and put it in a savings account that earns 8% interest compounded monthly. After 6 years, there is 400.00 in the account. How much did Brett earn doing odd jobs?

Solution

Solution

Principal : 247.91

Solution steps

Translate the problem into an equation:

400 = P (1 + \frac{0.08}{12})^{12 \cdot 6}

Solve for

P, 400 = P (1 + \frac{0.08}{12})^{12 \cdot 6} : P = 247.91

Principal : 247.91

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