Jeremiah inherited some money from his grandfather and put it in a bank account that earns 9% interest compounded monthly. After 7 years, Jeremiah had 600.00 in the bank account. How much interest did he earn?

Solution

Solution

Interest : 279.69

Solution steps

Translate the problem into an equation:

600 = 320.30715 \dots + I

Solve for

I, 600 = 320.30715 \dots + I : I = 279.69

Interest : 279.69

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