Popular >

Bridgette earned some money doing odd jobs last summer and put it in a savings account that earns 12% interest compounded annually. After 5 years, there is 1,000.00 in the account. How much did Bridgette earn doing odd jobs?Round your answer to the nearest cent.

Solution

Bridgette earned some money doing odd jobs last summer and put it in a savings account that earns 12% interest compounded annually. After 5 years, there is 1, 000.00 in the account. How much did Bridgette earn doing odd jobs?Round your answer to the nearest cent.

Solution

Principal : 567.43

Solution steps

Translate the problem into an equation:

1000 = P (1 + \frac{0.12}{1})^{1 \cdot 5}

Solve for

P, 1000 = P (1 + \frac{0.12}{1})^{1 \cdot 5} : P = 567.43

Principal : 567.43

Popular Examples

Nora swims several times a week in a lake near her house. This past summer, the average water temperature was 24 °C, which is 20% warmer than it was last summer. What was last summer's average water temperature?Each small square in the diagram has side lengths of 1 centimeter. What is the area of the figure? square cm g 1 less than a doubled number is equivalent to 5 more than 3 lots of the number seven more than a number find the radius of a circle with an area of 100 in^2