6 years ago, Aiden won some money in the lottery and put it in a bank account that earns 14% interest compounded monthly. If Aiden currently has 100.00 in the bank account, how much money does he have

Solution

Solution

Principal : 43.38

Solution steps

Translate the problem into an equation:

100 = P (1 + \frac{0.14}{12})^{12 \cdot 6}

Solve for

P, 100 = P (1 + \frac{0.14}{12})^{12 \cdot 6} : P = 43.38

Principal : 43.38

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