6 years ago, Kurt won some money in the lottery and put it in a bank account that earns 7% interest compounded monthly. If Kurt currently has 200.00 in the bank account, how much interest has he earned?

Solution

Solution

Interest : 68.43

Solution steps

Translate the problem into an equation:

200 = 131.56981 \dots + I

Solve for

I, 200 = 131.56981 \dots + I : I = 68.43

Interest : 68.43

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