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

Solution

Solution

Principal : 559.14

Solution steps

Translate the problem into an equation:

800 = P (1 + \frac{0.04}{4})^{4 \cdot 9}

Solve for

P, 800 = P (1 + \frac{0.04}{4})^{4 \cdot 9} : P = 559.14

Principal : 559.14

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