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Danielle earned some money doing odd jobs last summer and put it in a savings account that earns 9% interest compounded annually. After 4 years, there is 800.00 in the account. How much did Danielle earn doing odd jobs?

Solution

Solution

Principal : 566.74

Solution steps

Translate the problem into an equation:

800 = P (1 + \frac{0.09}{1})^{1 \cdot 4}

Solve for

P, 800 = P (1 + \frac{0.09}{1})^{1 \cdot 4} : P = 566.74

Principal : 566.74

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