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Wyatt inherited some money from his grandfather and put it in a bank account that earns 14% interest compounded monthly. After 10 years, Wyatt had 1, 000.00 in the bank account. How much interest did he earn?Round your answer to the nearest cent.

Solution

Solution

Interest : 751.4

Solution steps

Translate the problem into an equation:

1000 = 248.60343 \dots + I

Solve for

I, 1000 = 248.60343 \dots + I : I = 751.4

Interest : 751.4

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